Businessweek: EU Leaders Deploy ‘Bazooka’ to Repel Attack on Greece - by Simon Kennedy and James G. Neuger

European leaders closed ranks to defend Greece from the punishment of investors in a pledge of support that may soon be tested.

German Chancellor Angela Merkel and her counterparts yesterday pledged “determined and coordinated action” to support Greece’s efforts to regain control of its finances. They stopped short of providing taxpayers’ money or diluting their own demands for the country to cut the European Union’s biggest budget deficit.

While bonds gained, the euro slipped for a third day today and pressure is now on the governments to show how they would back up their words with action. Investors’ attention now turns to a meeting of finance ministers in Brussels on Feb. 15-16.

For more: EU Leaders Deploy ‘Bazooka’ to Repel Attack on Greece (Update2) - BusinessWeek