Emerging markets like China and Brazil, as well as US, are urging European ministers to address its sovereign debt woes. But emerging markets, US lack consensus on solution.
Greece's parliament approved an austerity package today. But if there's no agreement on restructuring debt payments, tensions are likely to rise anew in the fall.
Greece is reluctant to pass wildly unpopular austerity measures that have brought thousands of angry protesters to the streets, but it has little choice.
The euro fell to a four-year low on Wednesday amid continued investor worries about Europe's sovereign debt woes. German Chancellor Angela Merkel banned naked short-selling, seeking to combine new regulation with an already announced $1 trillion euro rescue package, to shore up the currency.