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Merkel, Sarkozy Reach Agreement

German, French leaders to outline joint position on Greece at EU Summit.

By Rainer Buergin, Helene Fouquet, Bloomberg | Updated on July 21, 2011

German Chancellor Angela Merkel and French President Nicolas Sarkozy will outline a joint position to solve Greece’s debt crisis when they arrive in Brussels for a summit convened to stamp out contagion in European bond markets.

The pact was agreed on after a seven-hour meeting in Merkel’s Chancellery in Berlin that ended after midnight, according to a statement distributed to reporters. Merkel and Sarkozy “listened” to the views of European Central Bank President Jean-Claude Trichet, who was also present, though the statement didn’t say if they settled differences on whether Greece should be allowed to default.

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