Greek debt: 'No magic solution' to eurozone crisis

There is "no magic solution" but European nations must work together to tackle the continent's debt-related economic crisis, the president of the Athens Chamber of Commerce has said.

Constantine Michalos' comments came as he spoke to the BBC ahead of a key emergency meeting of European heads in Cannes.

Greek PM George Papandreou is to meet French and German leaders after his decision to hold a referendum on austerity measures plunged the EU's rescue plans into turmoil.