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European leaders move closer to new Greek rescue plan
European leaders meeting in Brussels moved closer Thursday to agreement on a new financial rescue plan for Greece that would involve a temporary “selective default” on some of its debt while expanding the powers of a European emergency bailout fund.

In crisis talks aimed at helping Greece and boosting confidence in the 17 nations that share the euro as a currency, the leaders were considering a plan that would allow Greece to default temporarily and lighten its debt. The plan, which would include a buyback of bonds and a debt swap but no new tax on banks, appeared to be coming together after the European Central Bank signaled it was dropping its opposition to a selective default and the leaders of France and Germany crafted a common stand in talks in Berlin late Wednesday with the bank’s president.
http://www.washingtonpost.com/world/european-leaders-open-summit-on-greek-debt-crisis/2011/07/21/gIQAGmGrRI_story.html