World leaders were burning the midnight oil Wednesday in an effort to contain the eurozone crisis. They have collectively made it clear that saving the euro is more important than the outcome of the Greek referendum.
"We would rather achieve a stabilization of the euro with Greece than without Greece, but this goal of stabilizing the euro is more important," said German Chancellor Angela Merkel after a meeting with the Greek Prime Minister George Papandreou, according to a Reuters report. The Greek leader's surprise referendum call, putting in question the continuation of his country as a member of the euro, shocked world leaders and forced global markets into a downward spiral.
Meanwhile, EU leaders have made it clear that delivery of the next aid installment of 8 billion euros (7 billion pounds) will depend on whether the Greeks decide to continue within the euro. The referendum is expected to take place in early December and will determine the future of Greece within the 17-member currency bloc.
The euro responded negatively to the decision of European leaders to withhold aid for Greece before the referendum, dropping by 0.4 percent to 106.91 yen after the announcement to withhold aid.
In another development, European Central Bank President Mario Draghi will be chairing a meeting of the bank's governing council for the first time, reports Bloomberg News.