Leaders of the European Union have declared their unprecendented support for Greece, stating they "will take determined and coordinated action, if needed, to safeguard financial stability in the euro area as a whole."
A Wall Street Journal report says that the fiscal problems of one euro-zone country have now become the problems of all. The Journal adds that the Greek crisis could push the 16 countries that share the euro currency closer to collective responsibility for their budgets and debts.
But investors looking for concrete details are disappointed as the EU officials have not outlined a detailed bailout plan, says the Journal, adding that EU leaders must convince distressed investors that stronger euro-zone countries led by Germany and France won't let a troubled member fall.
Jean-Pierre Jouyet, head of France's stock-market regulator and French President Nicolas Sarkozy's former state secretary for European affairs, told the newspaper that the Greek debt crisis shows the need for greater coordination of economic policies and a stronger hand in policing renegade states.