And above all it would probably avoid the participation of banks, insurance companies and pension funds leading to a partial or total Greek debt default score, what the ECB and countries oppose fiercely as Spain. According to the Financial Times, among the list of options that has been prepared for the Summit, plan rates, coupled with a voluntary program that leads to the creditors to reinvest in Greek debt once they expire, was the only one of the policies that are under consideration that it would probably avoid a default. Barroso recalled that Member countries have promised that they will do everything that is necessary to ensure the stability of the eurozone and therefore now is the time to fulfill that promise. But the EU Executive President also appealed to the responsibility of the ECB in these negotiations. In what was interpreted as a message to Germany, said that the leaders should say tomorrow what they can do and what they want to do and not what you don’t they can do and will not do, he insisted.
All eyes are on the German Chancellor angela Merkel faces big pressures, especially since it stopped for days the convocation of the Summit, which it downgraded expectations of the appointment, by declaring that dramatic steps were not expected. Pending this Summit and the probable decisions taken therein, markets decided to give a truce Wednesday. EK Ibex-35 ended with a rise of 3.06% (exceeding the 9,700 points) and the risk premium dropped to 320 basis points. Source of the news: eurozone leaders meet to tackle the Greek crisis and the credibility of the euro