Jean-Claude Trichet, the European Central Bank's president, said that Europe can overbeat the debt-crisis by showing strong well and determination toward resolving the issue.

Trichet said in an interview with the Financial Times Deutschland, according to a released transcript yesterday by the Frankfurt-based ECB that Naturally the Europeans can manage the issue, adding that It is not a question of technique. It is a question of will and determination.

The common currency, the euro, is still a highly credible currency as he said, the ECB is not going to accept any collateral bonds from a country that default explaining that Because, in the eyes of the Governing Council, this would impair our ability to be an anchor of confidence and stability.

The governments would have to take care that the Euro system is presented collateral that it could accept, Trichet added.

The euro area leaders are to meet in Brussels on July 21 in order to negotiate the financial stability of the euro area as a whole and the future financing of the Greek program, Herman van Rompuy the European Union President said in a July 15 statement.