EU to hammer out debt crisis deal

27.10.2011 [16:43]
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BAKU, October 27 (AZERTAC). EU leaders, including the Nicholas Sarkozy, Angela Merkel and Poland`s prime minister Donald Tusk will be at the emergency EU summit in Brussels today to try and find a compromise deal to fight the debt crisis in the Eurozone.

“We`re going to this summit to accept the package of anti-crisis measures to stabilize the situation in EU financial markets,” says Konrad Niklewicz, a spokesman for Poland`s six-month EU presidency, which began on 1 July.

“This will primarily be a decision on recapitalizing European banks and strengthening the European Financial Stability Fund,” he added.

It is thought that the previous summit on Sunday in Brussels reached an agreement to boost the 440 billion Euro bailout fund, though whether this will be done by the European Central Bank or funds from individual nations is unclear.

German chancellor Angela Merkel will first have to get the plan agreed in the Berlin parliament before heading to Brussels, though there are major deference with Paris on how to finance the deal.

The danger of Greece defaulting on loans spreading to other economies, such as Italy and Spain has put added pressure on EU leaders to finds a consensus.

EU to hammer out debt crisis deal

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