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5/15/11

Greek debt crisis to test cohesion of EU

An undercurrent of anger and mistrust will permeate tonight's critical meeting of euro zone ministers in Brussels as they grapple with a spiraling Greek debt crisis and try to seal a €78 billion ($104 billion) bailout for Portugal. As if the euro's problems were not enough, seething resentments will add a new political dimension to the talks.

The inclement mood was set 10 days earlier. On May 6, Jean-Claude Juncker, Luxembourg's Prime Minister and chairman of the euro group of single currency members, called a secret meeting of the European Union's most powerful countries at the Chateau de Senningen on the outskirts of the tiny Duchy state.

Gathered at the 18th century former paper mill were finance ministers from Germany, France, Italy and Spain - the euro's G20 members, Jean-Claude Trichet, the president of the European Central Bank, and Olli Rehn, the EU commissioner for monetary affairs.

Note EU-Digest: Once again the Anglo EU-Euro Sceptics are crying Woolf through the media outlets controlled by Mr. Rupert Murdoch. The fact is that even Greece which they are painting black and trying to slam in the ground has shown to be doing better in recent economic forecasts than Great Britain.


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