Facing a crucial test for the credibility of their common currency, European leaders were close to agreement Wednesday on moves aimed at persuading jittery bond market investors that Greece would not be allowed to default on its government debt.
Ahead of a summit meeting Thursday of the heads of all 27 E.U. governments in Brussels, the 16 euro zone finance ministers, joined by the president of the European Central Bank, Jean-Claude Trichet, concluded in a conference call Wednesday that action would have to be taken there to reassure the markets.
Full story: Europe Closing in on Plan to Avert Greek Debt Crisis – NYTimes.com