Thu Jul 21st, 2011 at 05:19:28 AM EST
A Eurozone summit is on today.
Shortly after midnight, it was announced that German Chancellor Angela Merkel and French President Nicolas Sarkozy had agreed a joint position concerning a new rescue package for Greece after seven hours of pre-summit talks in Berlin.
Few details have been released, but the spokesman said the Franco-German position had also been agreed in discussions with the President of the European Central Bank, Jean-Claude Trichet, and the President of the European Council, Herman Van Rompuy.
I'm not optimisitic that anything Trichet and Merkel are willing to wear is worth doing.
Details haven't been announced, but allegedly it involves taxing banks and messing with the terms of Greek debt.