Players in a Greek Drama: Central Bank May Be Winner in Europe's Debt Talks.

FRANKFURT -- Chancellor Angela Merkel of Germany and other European leaders appeared to act in defiance of the European Central Bank when they insisted that banks contribute to the latest rescue plan for Greece. But the central bank president, Jean-Claude Trichet, may consider himself the real winner of the week. It is true the central bank lost its fight to prevent European leaders from precipitating a partial default of Greek debt. After meeting with Ms. Merkel and other leaders in Brussels on Thursday, though, Mr. Trichet appeared to have prevailed on important points. Governments agreed to reclaim the task of preventing collapse of the Greek economy and to take responsibility for fiscal performance of the euro zone, tasks that the central bank did not want. [ABSTRACT FROM PUBLISHER]