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Barroso's rallying cry

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Barroso's rallying cry

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EU president Jose Manuel Barroso has called on leaders to unite ahead of Thursday’s summit on Europe’s debt crisis.

Speaking in Brussels he warned failure to act would have global repercussions.

“They have said they will do what it takes to ensure the stability of the Euro area. Well, now is time to take good on that promise/ We cannot be light about this, or else history will judge this generation of leaders harshly.”

The warning by Barroso echo’s similar comments by French finance minister Francois Baroin. He has also underlined the need to act decisively to contain Greece’s debt.

There are fears the on-going Greek crisis could cause contagion in the euro zone and spark another big banking crisis.