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Europe

Deadlock over Greece looms over eurozone summit

Text by News Wires

Latest update : 2010-03-25

The euro slumped to a 10-month low as eurozone members failed to agree on the best way to help debt-ridden Greece out of crisis. Members are at odds as to whether the IMF should be involved, ahead of a key summit in Brussels this week.

AFP - Greek Prime Minister George Papandreou on Thursday urged fellow EU leaders to act to stabilise the euro currency, which is being dragged down by his country's massive debt problems.

Papandreou, speaking ahead of an EU summit in Brussels, made no mention of a possible recourse to the International Monetary Fund.

The aim should be to ensure "we strengthen the eurozone, we strengthen the euro and we stabilize the euro currency," he told reporters in the Belgian capital.

The euro dived to a fresh 10-month low against the dollar on Thursday with concerns over its future stoked further after a senior Chinese central bank official warned the Greek debt crisis was just the "tip of the iceberg."

The European single currency sank to 1.3283 dollars  -- the lowest point since May 7, 2009.

Papandreou promised to continue the painful process of reining in the budget in order to reduce the huge public deficit.

"We are on a positive track," he insisted.

"Whatever the decision taken today, Greece will move ahead in a positive manner and in the right direction," he stressed.

Date created : 2010-03-25

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