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Brussels blog by some wire service journalists

Greeks ask European leaders in Brussels for grand solution, but expectations kept low

 

By SARAH DiLORENZO

BRUSSELS (AP) – Greece’s prime minister pleaded Sunday for a comprehensive solution to the European debt crisis that has swallowed his country and is threatening to suck in larger economies, but European leaders said the world may have to wait a few more days.

So far, the continent’s banks have been at the center of marathon talks in Brussels. European Union leaders gathering in the city could ask banks toaccept huge losses on Greek bonds to ease the pressure on the country and to raise billions more in capital to weather those losses.

Greek PM George Papandreou

 
But the grand plan originally promised for Sunday has been put off yet again, raising questions about whether Europe has the will to act boldly and quickly enough to help Greece dig out of its debt, prevent bigger countries such as Spain and Italy from falling into a similar hole, and calm markets that have reacted negatively to the turmoil. Another summit of EU heads of government is scheduled for Wednesday.

READ FULL STORY HERE.

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