Recovery plan for Europe: weekend summit

2011-10-21 11:48:50

Thursday was seen as a very volatile day due to the numerous (sometimes even contradicting each other) statements made by government officials
of France, Germany and other EU countries. Nevertheless all of the eyes are turned to the coming summit meeting that would take place next week
after it became clear that France and Germany would not be able to bridge their difference in time for the meeting Sunday. A messy default by
Greece could lead to deep losses for European banks that hold Greek debt. If that leads them to pull back on lending to each other, it could cause
another freeze in global credit markets like the one in late 2008 after Lehman Brothers collapsed.