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Hopes low ahead of EU summit

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Hopes low ahead of EU summit


The EU’s 27 heads of state file into a summit today with sounds off suggesting they will not clinch a significant deal on the eurozone crisis.

The 17 eurozone finance ministers appear to have failed. With the Greek situation still perilously poised no hard numbers will be released as to how much a rescue will cost, or how it will be pulled off.

All agree Greek debt needs to be slashed, banks need recapitalisation, the EFSF fund needs more money, and Italy needs more serious economic reforms or it will be the next nation in trouble.

Italy would be a major headache if the markets abandon it and its two-trillion euro economy needs rescuing, yet its press is up in arms about a perceived Merkel-Sarkozy slight at a Sunday press conference when the pair were thought to have sniggered at the idea Silvio Berlusconi was to do something positive about the Italian economy.

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