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High anxiety ahead of EU summit

12-08-2011 13:54 BJT

The EU summit begins on Friday. It has been described as do-or-die for the 17-country eurozone. Ahead of the summit, German Chancellor Angela Merkel and French President Nicolas Sarkozy released details of a plan for EU nations to submit their economies to tighter scrutiny.

The proposal seeks to enforce budget discipline either through a substantial change to the Lisbon treaty, or an entirely new treaty for the 17 countries using the euro.

A giant euro banner is pictured with a 'No Skating' sign in Brussels, capital of
Belgium, Dec. 6, 2011. EU leaders will gather during this week's summit in Brussels,
struggle to forge an accord on ways to tackle the region's debt crisis. (Xinhua/Zhou
Lei)

But French and German officials lowered expectations for a deal to be reached at the summit to save the single currency, saying an agreement could be weeks away. That deflated investors’ hopes for an imminent resolution to Europe’s debt crisis.

European markets opened higher, but fell after the comments coming out. The continent is receiving warnings from both rating agencies and other countries including the U.S., to find a quick solution to the sprawling debt mess.

U.S. Treasury ,Timothy Geithner, is now visiting Europe for the fourth time with a stark message, advising that the region’s leaders must act to defuse the crisis because it has already threatened the global economy.

A bird flies past a giant euro banner outside the European
Commission headquarter building in Brussels, capital of
Belgium, Dec. 6, 2011. EU leaders will gather during this
week's summit in Brussels, struggle to forge an accord on
ways to tackle the region's debt crisis. (Xinhua/Zhou Lei)

Pedestrians pass the European Commission headquarter building decorated with a giant
euro banner in Brussels, capital of Belgium, Dec. 6, 2011. EU leaders will gather
during this week's summit in Brussels, struggle to forge an accord on ways to tackle
the region's debt crisis. (Xinhua/Zhou Lei)

 

 

Editor:Zhang Rui |Source: CNTV.CN

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