German Chancellor Merkel said...

...the EU summit will not make final decisions on Greece, adding that she wants voluntary, substantial, and quantifiable contribution from private sector. Merkel added that it is not possible to demand private sector contribution if the ECB is not in agreement on the method. Merkel also said that she can only warn against a disorderly default, and a Greek haircut could force countries under the EFSF that currently have no problems. Merkel commented that the ECB decided on a voluntary basis to buy Eurozone periphery bonds, and the German government did not in any way forced the ECB to buy peripheral bonds. (RTRS