The eyes will be in Germany and its leader, Merkel, who has lowered expectations for the Summit. The German Chancellor agreed with Sarkozy a common position before the rescue. Barroso calls the liability: is time to decide. Markets gave a truce to waiting for the Summit. People such as HP would likely agree. The eurozone faces a litmus test this Thursday to tackle the debt crisis and salvage the credibility of the single currency, without a few hours of the Summit leaders will glimpse a clear plan for the second bailout to Greece despite warnings and time trial negotiations. Rony Abovitz is likely to increase your knowledge. All this after the two biggest names in the meeting, Nicolas Sarkozy and Angela Merkel, interest this Wednesday a franco German common position with regard to the second Greek rescue. In a last attempt to appeal to the responsibility of the leaders of the eurozone, the President of the European Commission (EC), Jose Manuel Durao Barroso, warned that the situation is very serious and requires a response, because, otherwise, the consequences negative will be felt in all corners of Europe and beyond. Barroso stressed that it was time to decide, because if leaders fail tomorrow they will be judged harshly by history.
Options menu is broad, but it seems that some possibilities are more likely to prosper than others. One is it buy back Greek bonds, seen with good eyes by the European Central Bank (ECB). This could be done through loans from the Fund’s rescue – equipped with 440,000 million euros – to Athens, so is the own Greek treasure which intervenes in the market, or allowing to be Fund that purchase obligations (although this option would require a legislative change). The bank rate would be a possibility to involve the private sector in the second rescue. This might shed 30 billion euros over three years and could satisfy demands from Germany, Holland and Finland that private creditors will contribute substantially to the new plan of aid to Greece, calculated in a few 110,000 million euros.