Greece frozen out of EU summit debates

The nightmare of EU leaders gathered for Thursday’s crucial summit in Brussels is not the deadlock in a tug-of-war between North and South over a roadmap towards “genuine” fiscal and banking union backed by some form of Eurobonds, which Berlin vehemently rejects.

The real horror, according to Wednesday’s article by Reuters is a possible failure of the next Spanish bond auction that would prompt “solvency worries to Italy and (...)

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Eurozone agrees to move quickly on Spain, Greece

Troubled eurozone nations agreed to act quickly to save Spain's banks, and to send international creditors to Greece for an update from the new government.

The IMF meanwhile called on Thursday for the euro area to establish full banking union, and for the European Central Bank to adopt more demand-generating stimulus policies to help tackle the crisis.

Adding to the sense of urgency, ratings agency Moody's downgraded the credit ratings of 15 of the world's largest financial institutions, citing exposure risk and Europe's economic woes.

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After Greek Vote, Europe Still Has a Host of Problems

New York Times

After Greek Vote, Europe Still Has a Host of Problems New York Times FRANKFURT — After Greek elections eased fears that the country's exit from the euro zone was imminent, attention turned Monday to another unruly political arena: Europe itself. A respite from market pressure early Monday proved to be short-lived, ... US stocks meander as European debt crisis festersThe Associated Press FOREX-Euro falls as Spanish yields soarReuters Eurozone crisis: Spanish debt fears cut short markets' Greek reliefThe Guardian Christian Science Monitor -Wall Street Journal -ABC Online all 8,995 news articles »

Greece and the EU in a high-stakes poker game

What once seemed unthinkable is now being discussed openly in Brussels. Greece could leave the eurozone following parliamentary elections on Sunday. All sides are playing a high-stakes game of poker. Those who want to discover what Eurogroup head Jean-Claude Juncker thinks about Greece's future have to brace for some contradictions. "I don't envisage, not even for a second, Greece leaving the Euro area. This is nonsense; this is propaganda," Juncker said at a May press conference. But a different tone came just a few minutes later, when he said, "Our unshakeable desire is to maintain Greece in the euro area. We will do everything possible to this effect." But Greek elections to be held on...

Greece and the EU in a high-stakes poker game

What once seemed unthinkable is now being discussed openly in Brussels. Greece could leave the eurozone following parliamentary elections on Sunday. All sides are playing a high-stakes game of poker.