Jean-Claude Trichet, president of the European Central Bank, needs stable markets to bring the region out of the economic downturn, but the central bank's efforts are being thwarted by troubles in Greece. Investors are increasingly speculating that Greece will default on more than €300 billion in debt. Trichet is powerless to resolve the issue because he does not control fiscal policies. "Trichet is essentially an observer in the current crisis," said Colin Ellis, an economist at Daiwa Capital Markets Europe. "He does not hold the levers of power."

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