European leaders are in Brussels today planning how to deal with the debt crisis. All 27 will be at the meeting discussing measures to stop the problem from engulfing Italy and Spain.
Managing the debt of Europe’s most beleaguered economy will be high on the agenda. A Greek default could have a knock-on effect throughout the eurozone. Greek Prime Minister, George papandreou, thought it was right for Europe to be involved in resolving the problem: “It’s been proven now that the crisis is not a Greek crisis. The crisis is an European crisis. So now it’s time that we, as Europeans, act decisively and effectively,” he said as he arrived.
Recapitalising the banks has already been agreed by finance ministers and topping up the euro bailout fund to 940 billion euros is also possibility.
Speaking from outside the summit, Euronews reporter Rudi Herbert said it is too soon for answers: “The summit-marathon continues. There was some progress on Friday and Saturday. We won’t see a political solution here today. To round-off the summit, there will be another meeting on Wednesday.”