The President of the European Council has arrived in Paris for crisis talks with the French president, Nicolas Sarkozy. It comes ahead of a four-way conference call with German Chancellor Angela Merkel and Greek Prime Minister George Papandreou on Wednesday.
Trading on the markets has been volatile, directly influenced by the uncertainty over Greece’s debt.
“Everything we do must be carefully considered, we must be sure of the outcome, otherwise we can quickly get into a situation in the eurozone that we don’t want to be in and will have very serious consequences.” said German Chancellor Angela Merkel.
The emerging BRIC countries have suggested they might come to the EU’s rescue. Brazil, Russia, India and China are to meet in Washington next week.
The key issue is whether Athens can manage down its debt and and thereby restore confidence to the markets.