Second Summit On Eurozone Planned
October 21, 2011 by UPI - United Press International, Inc.
PARIS, Oct. 21 (UPI) — European leaders said a second summit on the eurozone crisis will be next week as France and Germany disagree on key issues to resolve the currency’s problems.
A joint statement by French and German ministers Thursday said all aspects of the planned “global and ambitious response” to the eurozone crisis would be reviewed Sunday, EUobserver.com reported.
Any decisions would be made “during the second meeting at the latest on Wednesday,” the statement issued by French President Nicolas Sarkozy and German Chancellor Angela Merkel said.
The two-step process arose from disagreement between France and Germany on several fronts, such as how to provide enough additional resources to the eurozone bailout fund to stop the crisis from spreading to Italy, recapitalization issues and how far private investors should be forced in writing down Greek debt, EUobserver said.
Sarkozy and Merkel said in the statement the response would include the “operational implementation” of the recently augmented bailout fund, a plan to increase the capital of European banks and how to strengthen economic governance in the eurozone.