‘Too little, too late,’ says Greek PM

In an open letter to Eurogroup Chairman Jean-Claude Juncker early on Tuesday, Greek Prime Minister George Papandreou criticized European partners for acting too slowly to stem the crisis while creating a ?cacophony? that ultimately put domestic politics before the common currency.

?Crunch time has arrived and there is no room for indecisiveness and errors such as taking decisions that in the end prove ?too little, too late? to convince the markets we are serious; (and) making compromises that satisfy our internal political ?red lines? that in the end substitute tactical politics for sound management of the crisis,? Papandreou wrote.

The prime minister?s office released the letter as the finance ministers of the eurozone met in Brussels for emergency talks on a Greek bailout and on measures to stem the possibility of contagion to Italy and Spain, including the thorny issue of private-sector involvement, which is high on the agenda of Tuesday?s talks between all 27 members of the European Union.

?There is no room for indecision and mistakes… such as allowing cacophony to substitute for a common agenda and create more panic than security,? Papandreou said in his letter to Juncker, criticizing a French proposal under which investors would reinvest 70 percent of their holdings in 30-year Greek bonds, which rating agency Standard