Arab Today, arab today eu leaders put pressure on italy in crisis talks
Last Updated : GMT 12:45:25
Arab Today, arab today
Arab Today, arab today

Aimed at nailing down a solution

EU leaders put pressure on Italy in crisis talks

Arab Today, arab today

Arab Today, arab today EU leaders put pressure on Italy in crisis talks

Merkel said eurogroup decisions could be expected only by Wednesday
Brussels - AFP

Merkel said eurogroup decisions could be expected only by Wednesday European leaders on Sunday opened talks aimed at nailing down a solution to the worst economic crisis in its history, as the spotlight fell on Italy amid ongoing contagion fears in the eurozone. In the run-up to the summit, keenly watched around the world as concerns grow that the eurozone debt crisis could spark global recession, European leaders appeared to be ironing out differences and inching towards a deal.
But the key player, German Chancellor Angela Merkel, tamped down expectations for a Sunday breakthrough, telling reporters as she arrived: \"We should not expect eurogroup decisions today but rather on Wednesday.\"
Eurozone leaders will meet again then in an effort to finalise a deal to restructure Greece\'s debt, shore up European banks, build up a war chest against contagion and agree a plan to prevent a repeat in the future.
The heads of state and government aim to present a framework agreement on Sunday which they hope will reassure jittery markets before tying up the details at the second summit.
But Alexander Stubb, Finland\'s Europe minister, expressed his scepticism that leaders were doing enough to calm financial market players.
\"Usually there is a crisis, then a meeting that ends after midnight, then a press conference where the solution is called historic and permanent, then the markets open and you notice the markets are not satisfied, and you start preparing the next meeting,\" Stubb told AFP in an interview.
As the focus switched from Greece to Italy\'s debt pile, under-fire Italian Prime Minister Silvio Berlusconi was called in for talks with EU President Herman Van Rompuy, Merkel and French President Nicolas Sarkozy shortly before the summit began.
\"The idea is to pressure Berlusconi,\" a diplomat said amid fears Italy is being sucked down by the crisis, failing to take the tough action needed.
Other leaders ramped up the pressure for a firm European plan ahead of a key summit of the group of 20 leading industrial powers in Cannes on November 3-4.
British Prime Minister David Cameron said the crisis was having a \"chilling effect\" on the eurozone and further afield, while Greece\'s leader George Papandreou called for his colleagues to act \"decisively and effectively.\"
Welcoming leaders as the meeting opened, Van Rompuy praised them for taking \"unpopular\" decisions to battle the crisis, adding: \"I thank you for your political courage, often underestimated.
\"But these steps forward also require plain hard work, so let\'s start.\"
In marathon talks Saturday, finance ministers thrashed out a plan that would boost bank reserves by around 108 billion euros ($150 billion) after agreeing that lenders should take greater losses on their Greek debt holdings.
The breakthrough led Merkel and Sarkozy to hail \"progress\" in fighting the crisis but Belgian Finance Minister Didier Reynders warned that the deal still had to be negotiated with the banking sector itself.
In a draft statement to be adopted later Sunday and obtained by AFP, leaders welcomed \"progress ... on measures for the banking sector\" and vowed to \"finalise this work at its meeting of 26 October.\"
While some pieces of the complex crisis jigsaw were slotting into place, stubborn differences remained.
The major stumbling block is how to scale up the EU\'s 440-billion-euro war chest that leaders want available in the event that a big economy such as Italy or Spain is dragged into the debt mire.
The bailout fund would be rapidly depleted if either of Europe\'s third or fourth-largest economies needed help, so leaders are looking at ways to boost its effective lending capacity without actually adding cash -- unacceptable to EU paymaster Germany.
France backed away from a proposal to turn the fund into a bank that could borrow almost unlimited amounts from the European Central Bank under pressure from Berlin and the ECB itself, and two options were left under discussion.
One sees the fund being used to provide insurance to investors so that their losses would be covered in the event of a debt default. In this way, the package could exceed one trillion euros, which leaders hope would restore market confidence.
The other option would be to create a separate fund and entice international investors and institutions to match EU commitments, thereby increasing the amount of cash available for potential future bailouts.
However, agreement on this issue seemed to be far away, with Dutch Finance Minister Jan Kees De Jager saying that \"big differences\" still had to be ironed out.
The main reason for boosting the fund is to protect countries like Italy, amid concerns it could yet suffer a fate like Greece\'s.
Fellow Europeans want Italy to slash its staggering 1.9-trillion-euro debt, which amounts to 120 percent of gross domestic product.
The European Commission has also turned up the heat on Rome, calling on the government to unveil a raft of budgetary cuts \"as a matter of urgency.\"

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today eu leaders put pressure on italy in crisis talks Arab Today, arab today eu leaders put pressure on italy in crisis talks

 



Arab Today, arab today
Arab Today, arab today Nasima Gamei revives heritage in jewelries

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 11:26 2017 Wednesday ,22 February

Dutch corporate takeover defences tough to breach

GMT 11:14 2017 Wednesday ,22 February

Lloyds Banking Group posts surging profits

GMT 10:01 2017 Tuesday ,21 February

Egypt pound rebounds from flotation slide

GMT 09:57 2017 Tuesday ,21 February

Greece agrees to bailout reforms compromise

GMT 09:55 2017 Monday ,20 February

Thailand 2016 growth up but below junta target

GMT 09:29 2017 Monday ,20 February

Kraft Heinz withdraws bid for Unilever

GMT 09:22 2017 Monday ,20 February

China's huge debt poses big headache for central bank
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday