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Papandreou, Merkel, Sarkozy Hold Eurozone Crisis Talks


German Chancellor Angela Merkel (right), Greek Prime Minister George Papandreou, and French President Nicolas Sarkozy (left) arrive for July meeting in Brussels.

German Chancellor Angela Merkel (right), Greek Prime Minister George Papandreou, and French President Nicolas Sarkozy (left) arrive for July meeting in Brussels.

The leaders of Greece, France, and Germany have discussed the eurozone's spiraling debt crisis.

Greece says that during the emergency teleconference, the leaders -- Greek Prime Minister George Papandreou, German Chancellor Angela Merkel, and French President Nicolas Sarkozy -- stressed that Greece was an "integral" part of the eurozone, and that additional austerity measures Athens announced recently would ensure the country achieves its fiscal targets.

Earlier, Moody's ratings agency said it had downgraded two of France's top banks and put another on watch for possible downgrading because of their exposure to the Greek financial crisis.

Also, European Commission President Jose Manuel Barroso said he would soon present options for the introduction of eurozone bonds.

Common eurozone sovereign bonds are perceived to be part of a solution, as they would give weaker eurozone members renewed access to funding in commercial markets.

However, Germany -- without whose approval the scheme cannot be introduced -- remains strongly opposed to the issuance of common bonds.

compiled from agency reports
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