This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/go/rss/int/news/-/news/business-14214467

The article has changed 5 times. There is an RSS feed of changes available.

Version 1 Version 2
European Union 'needs strong message' on Greece debt European Union 'needs strong message' on Greece debt
(40 minutes later)
French Finance Minister Francois Baroin has stressed the need for Europe to send a "strong message" that it will act decisively to contain the Greek debt crisis.French Finance Minister Francois Baroin has stressed the need for Europe to send a "strong message" that it will act decisively to contain the Greek debt crisis.
He said Thursday's summit of European leaders should pave the way for further assistance to the debt-ridden country.He said Thursday's summit of European leaders should pave the way for further assistance to the debt-ridden country.
The International Monetary Fund has called on Europe to take strong action.The International Monetary Fund has called on Europe to take strong action.
President Barack Obama has also spoken to German Chancellor Angela Merkel about the debt crisis.President Barack Obama has also spoken to German Chancellor Angela Merkel about the debt crisis.
"They agreed that dealing effectively with this crisis is important for sustaining the economic recovery in Europe as well as for the global economy," a White House statement said."They agreed that dealing effectively with this crisis is important for sustaining the economic recovery in Europe as well as for the global economy," a White House statement said.
This echoed comments made by the IMF on Tuesday, in which the fund said it would be "very costly not just for the eurozone but for the global economy to delay tackling the sovereign crisis".This echoed comments made by the IMF on Tuesday, in which the fund said it would be "very costly not just for the eurozone but for the global economy to delay tackling the sovereign crisis".
Mr Baroin's comments came as European banking shares recovered strongly from sharp falls earlier this week.Mr Baroin's comments came as European banking shares recovered strongly from sharp falls earlier this week.
In France, Societe Generale was up 5.5%, with BNP Paribas and Credit Agricole both climbing more than 4%. In Germany, Commerzbank climbed almost 5%, with Deutsche Bank gaining 3.5%.In France, Societe Generale was up 5.5%, with BNP Paribas and Credit Agricole both climbing more than 4%. In Germany, Commerzbank climbed almost 5%, with Deutsche Bank gaining 3.5%.
Banking shares fell sharply on Monday on debt fears and concerns about the credibility of last Friday's Europe-wide bank stress tests.Banking shares fell sharply on Monday on debt fears and concerns about the credibility of last Friday's Europe-wide bank stress tests.
Debt rolloverDebt rollover
All eyes are now on Thursday's summit in Brussels, with French President Nicolas Sarkozy travelling to Berlin to discuss the debt crisis with Mrs Merkel ahead of the meeting.All eyes are now on Thursday's summit in Brussels, with French President Nicolas Sarkozy travelling to Berlin to discuss the debt crisis with Mrs Merkel ahead of the meeting.
"This meeting at the highest decision-making level should allow us to take a further essential step to establish the conditions of a new package for Greece, that will make Greece's debt more bearable," Mr Baroin said."This meeting at the highest decision-making level should allow us to take a further essential step to establish the conditions of a new package for Greece, that will make Greece's debt more bearable," Mr Baroin said.
"A strong message should be made tomorrow.""A strong message should be made tomorrow."
European Commission President Jose Manuel Barroso said the minimum the summit must achieve is provide clarity on measures to ensure the sustainability of Greek public finances, the feasibility of public sector involvement in any aid package and more flexibility in existing European bail-out funds.European Commission President Jose Manuel Barroso said the minimum the summit must achieve is provide clarity on measures to ensure the sustainability of Greek public finances, the feasibility of public sector involvement in any aid package and more flexibility in existing European bail-out funds.
Reports also suggest leaders will discuss a tax on banks. Belgian Finance Minister Didier Reynders was quoted as saying such a tax "could be part of the solution, but it is not easy to put into practice" by Belgium's Le Soir newspaper.Reports also suggest leaders will discuss a tax on banks. Belgian Finance Minister Didier Reynders was quoted as saying such a tax "could be part of the solution, but it is not easy to put into practice" by Belgium's Le Soir newspaper.
However, divisions remain among European leaders, and Mrs Merkel has played down the chances of Thursday's emergency eurozone summit resolving Greece's debt crisis.However, divisions remain among European leaders, and Mrs Merkel has played down the chances of Thursday's emergency eurozone summit resolving Greece's debt crisis.
Mrs Merkel wants private investors to contribute to any aid package by agreeing to roll over loans they have made to Greece.Mrs Merkel wants private investors to contribute to any aid package by agreeing to roll over loans they have made to Greece.
However, the European Central Bank disagrees, arguing that such a rollover would constitute a default in the eyes of the international credit ratings agencies and, as such, would undermine investor confidence and the euro itself.However, the European Central Bank disagrees, arguing that such a rollover would constitute a default in the eyes of the international credit ratings agencies and, as such, would undermine investor confidence and the euro itself.
The EU and the IMF have been discussing a second aid package for Greece, expected to be a similar amount to the 110bn euro ($156bn; £97bn) package agreed last May.The EU and the IMF have been discussing a second aid package for Greece, expected to be a similar amount to the 110bn euro ($156bn; £97bn) package agreed last May.