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• ‘Now, the question is how big a default Greece will have.’

By CHARLES FORELLE, COSTAS PARIS and MATINA STEVIS [The Wall Street Journal] – The options being debated now [to save the eurozone] are more severe and far-reaching than those under consideration in months past. Last year, when the crisis first threatened the euro zone’s stability, leaders insisted that Greece would not default and that assistance would only be provided to countries on the brink of collapse, and at punitive cost to discourage free-riders.

Now, the question is how big a default Greece will have, and leaders are scrambling to open floodgates of aid to several countries.

The series of meetings has reunited, again, Europe’s colorful band of national leaders—who are spending an awful lot of time together. Last week, French President Nicolas Sarkozy jetted to Frankfurt for emergency meetings with German Chancellor Angela Merkel and senior officials, missing the birth of his daughter. This weekend, Ms. Merkel presented him with a premium-brand German teddy bear as a baby gift. It was one of the few light-hearted moments at the Brussels summit.

Continued at The Wall Street Journal | More Chronicle & Notices.

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