Eurozone leaders are queuing up to warn that unless a solution to the debt crisis is found, there will be serious global repurcussions.
With all eyes on Thursday’s key summit in Brussels, the French finance minister François Baroin has said it is essential to act decisively to help Greece.
The European Commission President José Manuel Barroso called on member states and the European Central Bank to act responsibly:
“Nobody should be under any illusion: the situation is very serious. It requires a response. Otherwise the negative consequences will be felt in all corners of Europe and beyond,” he told a news conference.
According to Angela Merkel’s spokesman, she is “convinced” that a solution will be found. Steffen Seibert added that finding help from the private sector was a priority.
The German Chancellor is meeting President Sarkozy in Berlin ahead of the summit. It comes as one opinion poll puts Merkel’s popularity at its lowest level since November 2006.
The survey from the Forsa institute suggested that only 36% of voters would back her in the case of elections.
Some analysts warn failure to produce an effective plan to tackle the debt crisis could see the situation spiral out of control.