European leaders to discuss debt problem

18 July 2011

Leaders from across Europe are to meet in an effort to reshape their strategy for combating the current debt crisis.

Government chiefs will get together on 21 July 2011 in Brussels to discuss "the financial stability of the euro area as a whole and the future financing of the Greek programme", Bloomberg reports.

The meeting comes amid concerns regarding contagion from the International Monetary Fund, as well as Jean-Claude Trichet, president of the European Central Bank - which is tasked with the role of maintaining the euro's purchasing power and providing price stability - voicing opposition to a restructuring of the Greek debt.

Talks are likely to focus on ways to enable Greece to settle its arrears via a possible overhaul of the rescue fund.

It will be the second such meeting in a month and arrives as a failure to come up with a suitable strategy has left the financial markets becoming unnerved.

By Gary Cooper

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