Financial Times
October 26, 2011
European leaders prepared to meet for a crunch summit in Brussels on Wednesday with scant indication that they will overcome their differences to craft measures to stem the eurozone’s sovereign debt crisis.
With details of negotiations closely guarded and fears growing that there would be no final deal, trading in world markets was wary following heavy falls in equities and commodities on Tuesday.
The European Union’s 27 member governments were seeking common ground on the final shape of a second bail-out for Greece, the bloc’s weakest economy; how to beef up the eurozone’s €440bn financial rescue fund; and measures on how to strengthen the capital of the regions’ banks.
In Germany, Europe’s biggest economy where resistance to assisting weaker eurozone members has been mounting, Angela Merkel sought to secure an emphatic majority of legislators in a largely symbolic vote ahead of the summit.
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