The financial woes of Greece and other eurozone member states are set to dominate Today’s EU summit in Brussels.
Late on Wednesday, Europe’s underfire socialist leaders gathered to work out their response to the debt crisis.
Greece’s fiscal nightmare and growing fears over Spain and Portugal’s struggling economies have shaken the euro and underlined the bloc’s interdependence.
Some believe it will be Europe’s biggest states that will have to come to the rescue.
The Director of the Centre for European Policy Studies Daniel Gros said:“As in any other crisis the question is who has the money, who has the financial power to intervene, and in the end we come back to the key role of Germany, because that’s at present the only country which has some resources left and which could intervene with a substantial fund”.
Leaders have so far failed to come up with a unified strategy.
A plan to bailout the eurozone’s sick economies is not on the formal agenda, however it’s expected to be added or discussed intensively on the sidelines.
With the crisis being seen as the first major test for the EU under its new Lisbon framework, many hope it will not have to come down to Brussels’ famous symbol to put out the the economic fire and save the 27 member bloc from contagion.