A pledge by the European Union to stand by crisis-hit Greece punctured hopes in financial markets of a swift rescue and raised fears of renewed selling.
Efforts by Nicolas Sarkozy and Angela Merkel, the French and German leaders, to paper over differences between Berlin and Paris on how to deal with the Greek debt crisis led to a summit statement in Brussels that stopped short of providing immediate support for Athens.
The leaders of the 27-nation bloc promised “determined and co-ordinated action if needed to safeguard stability” of the eurozone, which has been shaken by turmoil in bond markets amid fears that Greece's debt problems could spread.
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