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Germany digs in heels over Friday summit on Greece

REUTERS, Brussels/Berlin
Euro zone plans for a leaders' summit on a second Greek rescue were thrown into doubt by Germany on Wednesday, raising fears markets may exploit the policy vacuum with a new onslaught on the bloc' s high debtors.
Berlin stuck to its line that Greece was funded until September so there was no rush. "There are no concrete plans for a special summit," a German government spokeswoman said.
Others were less sanguine. Italian central bank chief Mario Draghi, soon to take the helm of the European Central Bank, and Ireland's prime minister said a definitive plan was needed and quickly — echoing a strongly-worded attack from Greece's premier earlier in the week.
Ratings agency Moody's downgraded Ireland’s credit to junk status on Tuesday and said that, like Greece, it would need a second bailout. Minds have really been focussed by a market attack on Italy which, if it required assistance, would overwhelm the euro zone's existing rescue funds.
"Moody's problem is not with Ireland, Ireland's problem is with Europe," Prime Minister Enda Kenny told parliament. "There is no point in having a meeting that won't bring about a conclusion in a comprehensive sense to something that is not going to go away unless it is dealt with."
Italian and Spanish bonds settled on Wednesday but Irish yields surged to record highs in response to Moody's action. Traders did not expect much respite without decisive action.
"The big countries are in this crisis now, it's getting pretty dangerous, " one trader said.
WRANGLING
The leaders need to pin down how private holders of Greek government bonds can be persuaded to shoulder a portion of the cost of a new package for Greece, and weigh
up the potential impact on markets if securing their involvement is declared a debt default by ratings agencies, as is expected.
But they appeared to be subsiding into a bout of internal wrangling and risk creating a no-win situation:
If no summit is now held on Friday, it could have a strong negative impact on financial markets. But if a summit is held and no clear decision is taken, the impact could be worse.
Herman Van Rompuy, the president of the European Council, has informed ambassadors he intends to hold the summit on Friday evening, and most of the 17 euro zone member states back the decision, but Germany is reluctant to fix the date, especially if there is no firm decision ready for the leaders to take.
"Markets reacted very badly after euro zone finance ministers could not reach an agreement," an EU diplomat said, referring to a finance ministers' meeting on Monday. “If they cannot agree, we take the fight to the highest level. People are working on a set of conclusions to be agreed. ”
A senior EU official said the Germans were furious about being "backed into a corner" meaning the Friday summit may not happen.
Diplomats said the current intention was for leaders to meet on Friday evening and for euro zone finance ministers to gather again on Sunday so the precise details of a plan can be fixed before financial markets open on Monday.
"That's the basis on which we are working now," one said.
A major concern on leaders' minds will be the results of stress tests on 91 European banks, to be released on July 15, which are expected to show 10 or more banks may have failed.
That could have a further impact on Italy, where bank stocks and the bond market have been hit by growing concerns that the euro zone's third-largest economy could be next in line after Greece, Ireland and Portugal to suffer debt contagion.
Draghi said Italian banks would comfortably pass the stress tests but echoed Kenny's call for a comprehensive EU response to the spreadingdebtcrisis.
"We have to recognise that management of the financial crisis has not gone smoothly with partial and temporary interventions," he said in a speech to the Italian banking association.