European finance ministers pushed bondholders to provide greater debt relief for Greece, denting newfound confidence in Europe's strategy for coping with the two-year-old debt crisis.
Euro governments sought to fill a deeper-than-expected hole in Greece's finances by saddling investors with a lower interest rate on exchanged bonds, setting up a confrontation in the runup to a Jan. 30 European Union summit.
Brinkmanship over Greece clouded progress toward new fiscal rules and a beefed-up rescue fund, posing a potential setback to the start-of-year rally in stocks, bonds and the euro.
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