Finance ministers of the eurozone are in Brussels for a further emergency meeting to try to save the euro zone.
They have been told by the European Union’s monetary chief that they have just 10 days to resolve the ongoing debt crisis.
The ministers agreed yesterday to boost the firepower of their bailout fund, but they are still not sure how to finance it.
Discussions are now focusing on the key role of the IMF and the European Central Bank.
The EU’s Economic, Monetary Affairs and Euro Commissioner, Olli Rehn, said: “We have to continue to work, especially on two fronts, in order to ensure that we have sufficiently credible finance firewalls to contain market turbulence and at the same time we need to further reinforce our economic governance.”
Reassuring the markets is also top of the agenda, with fears that the contagion effect will happen sooner than anyone can imagine.
Swedish Finance Minister Anders Borg said: “Basically we need to see a front loaded fiscal consolidation from both Italy and Spain. We have now a window of opportunity in the sense that we have two new governments, they can take out all the skeletons and they must realise that the market doesn’t provide time for honeymoons.
“If that would happen, the meeting in early December with the heads of state would start out on a better foot because there we would see more credibility in the market.”
Our correspondent in Brussels, Andrei Beketov, says: “The EU is failing to get enough money to help an increasing number of countries in need. The ministers will be studying fresh statistics, looking for any sign of economic growth. But the main decisions will be at a meeting next week of the heads of states and governments.