EU Officials to Discuss Greece Rescue

High European officials have been summoned by EU Council President Herman Van Rompuy  to discuss plans for a second bailout package for Greece on Monday.

The meeting will include ECB President Jean-Claude Trichet, Luxembourg Prime Minister Jean-Claude Juncker, European Commission President Jose Manuel Barroso and EU economy commissioner Olli Rehn.

"There are various concerns and worries about the progress of the second bailout package [for Greece], mostly because of little progress in the private-sector involvement," a senior EU official has told The Wall Street Journal. "It's not moving at the expected pace," the anonymous official has added.

A new plan scheduled to be discussed at a sitting of Euro Area Finance Ministers Monday could include new concessions by European lenders to reduce Greece's debt, including further lowering interest rates on bailout loans and a broad-based bond buyback program.

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