Ministers attempt to defuse ECB-Berlin row

European finance ministers are to hold an emergency meeting on Tuesday in an attempt to resolve the now quite public dispute between the German finance ministry and the European Central Bank over a second bail-out for Greece.

At issue in the session will be the question of the degree of participation of private sector involvement.

Germany has concluded that a restructuring of Greek debt is inevitable and that it is better to be a controlled default than a chaotic one. Furthermore,...