EU Summit Postponement New Sign That No One Knows What To Do

andrea merkel

EU leaders have postponed a Friday summit where they were set to discuss a second Greek bailout.

The meeting’s postponement is a sign that they are still far from a realistic plan to resolve Greece’s financial woes.

This development is particularly troubling after ominous statements from Greek PM George Papandreou, who told a cabinet meeting Thursday, “[Other EU leaders] see that … [this] is not a Greek problem, or simply a problem of the periphery, but a wider structural problem for the future of European countries.”

Earlier in the week, EU leaders had appeared to grow more fond of a plan set forward by the Institute for International Finance, which would have caused a “selective default” but allowed the European Financial Stability Facility (EFSF) to help fund a buyback of Greek bonds.

Now the status of any plan is unclear.

German Chancellor Angela Merkel told journalists, “I think the pre-condition for such a summit meeting would be that we would be in a position to take a decision and finalise the program on Greece.”

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