They have been emboldened by the success of the ECB's three-year bank loans in pushing down bond yields for troubled-but-solvent countries like Italy and Spain.

ECONOMIST: Rescuing Greece

The near-term measures that need to be approved by the summit are no secret: reduce Greece's mountainous debt, recapitalise vulnerable banks and create a credible firewall to protect endangered but still-solvent countries like Spain and Italy.

ECONOMIST: Charlemagne

As the critics allege, cost-benefit analysis works like a kind of universal solvent.

ECONOMIST: Economics focus