Europe’s challenges in stemming the debt crisis were underscored by snags over collateral to underpin GreeceÃ¢â‚¬â„¢s rescue loans and German objections to altering European treaties.
European finance officials are unlikely to reach a collateral deal today in their monthly meeting to clear the way for GreeceÃ¢â‚¬â„¢s next 109 billion-euro ($151 billion) package, Finnish Finance Minister Jutta Urpilainen said.
Ã¢â‚¬Å“WeÃ¢â‚¬â„¢re going to negotiate about it, but unfortunately I donÃ¢â‚¬â„¢t see that we can find a solutionÃ¢â‚¬Â today, Urpilainen told reporters before the meeting in Wroclaw, Poland.
After a call to action last night by European Central Bank President Jean-Claude Trichet, the 17 euro finance ministers were braced for a dressing-down from U.S. Treasury Secretary Timothy Geithner, invited to the gathering by the host Polish government.
The stewards of the 9.5 trillion-euro economy must Ã¢â‚¬Å“do more to earn the confidence of the world, that they have the political will to do this,Ã¢â‚¬Â Geithner said on Sept. 14.
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