Europe’s creditor countries struggled to bridge divisions over a rescue of Greece, seeking more control over how future aid is spent as the clock ticked toward a possible default next month. Stocks and the euro fell.
In a replay of the brinkmanship that marked the early stages of the Greek crisis two years ago, euro-area finance ministers extracted concessions from political leaders in Athens intended to pave the way for the endorsement of a 130 billion-euro ($171 billion) aid package next week.
Tensions over Greece pushed the euro down 0.4 percent to $1.3012 at 8:20 a.m. in Brussels. Futures on the Euro Stoxx 50 Index slid 1 percent.
By twinning fiscal savings with an economic overhaul in Italy, Monti has earned respect in Germany just as Merkel’s chief crisis-management partner, French President Nicolas Sarkozy, plunges into a reelection campaign that polls indicate he will lose.