Today sees the EU’s finance ministers meet in Poland for an extraordinary crisis meeting on the euro, and Greece.
The key summit sees Europe joined by America as it grapples to stave off a Greek loans default that could plunge the world into a second financial crisis in three years.
Nothing less than the credibility of a currency used by 17 countries and 300 million people is on the line.
“Greece knows what it has to do, and it has to do it. The Troika, the co-ordination of experts on site, is discussing with the government. Angela Merkel and Nicolas Sarkozy said jointly to the prime minister ‘you have to keep your promises. You have responsibilities and you have to find the measures’,” said French Finance Minister François Baroin.
US Treasury Secretary Timothy Geithner has crossed the Atlantic with a simple message – take action, and take it swiftly. The European Commission has also sent its task force along to help.
“I have seen an enormous political will and I am very glad that yesterday evening it was also at the European level very clear: there is a political will to keep Greece in the euro and to have a good future for Greece in Europe,” said task force leader Horst Reichenbach.
Another sign of the imminent dangers of failure was the co-ordinated move by five central banks late on Thursday, the Fed, the Bank of Japan, the ECB and the Swiss and British to make more credit available to businesses.