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European summit opens in Brussels

European summit opens in Brussels
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The European Council opened its doors again to the political elite the 14th crisis summit in 21 months. Sunday’s meetings failed to come up with concrete solutions when the leaders said resolutions could be expected on Wednesday.

A meeting of the bloc’s leaders is first, followed by a gathering of the heads of the 17 euro zone countries. And as on Sunday the implication is deals could be delivered today.

“Today is surely an important council. We still have a lot of problems to solve and to negotiate. There is still much work to do. But I am sure that everyone has the objective to come up with something substantial today,” German Chancellor

Angela Merkel told waiting reporters.

Reducing Greece’s debt mountain is one priority with speculation lenders will be asked to take as much as a 60 per cent cut in the face value of their loans.

The summit will discuss ways of shoring up vulnerable banks a figure of 100billion euros has already been agreed.

Leaders will look at ways of beefing up the stability fund, the EFSF while pressuring Italy into reforms.

Its expected there could be announcements by the end of the day. The Asian and US markets will open shortly after ready to deliver their verdict on events that are being watched not just across Europe.