European Central Bank President Jean-Claude Trichet warned that the banking system’s exposure to Greek debt “is the most serious threat to financial stability in the European Union.”
Ã¢â‚¬Å“European leaders will try and convince Greeks and financial markets when they meet in Brussels today and tomorrow that they have a workable plan to help Athens avoid a debt default,Ã¢â‚¬Â said Alan McQuaid, chief economist at Bloxham Stockbrokers in Dublin. TheyÃ¢â‚¬â„¢ll use a Ã¢â‚¬Å“mixture of arm-twisting and moral supportÃ¢â‚¬Â to force Greece to adopt further reform.
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