Photo Gallery A French-German Solution
With the new aid package for Greece, Europe's leaders have not ended the battle for the euro, but they have given Athens time. Here, German Chancellor Angela Merkel welcomes French President Nicolas Sarkozy before talks in Berlin on July 20. The two leaders met to hammer out a common position before the summit in Brussels.
Merkel attends a meeting in Brussels on Thursday with Sarkozy (right) and Greek Prime Minister Georgios Papandreou (left). The new bailout takes the euro zone a step closer to having an economic government.
Papandreou poses with European Council President Herman Van Rompuy (center) and European Commission President Jose Manuel Barroso (left) after a joint news conference following the summit in Brussels. The Europeans have now completed a change of course in their bailout policy. Their toolbox to combat crises now contains instruments that the Germans completely opposed just a few months ago.
Luxembourg Prime Minister and Eurogroup president Jean-Claude Juncker (left) is seen with Deutsche Bank CEO Josef Ackermann at a meeting in Luxembourg on July 14. The voluntary debt waiver for private-sector creditors agreed upon at the summit promises to turn into a profitable deal for investors in the future. Ackermann's claim that "this hits us where it hurts" is all part of the show. In fact, Ackermann and Juncker worked out the program together.
