July 20, 2011
It's crunch time for Europe's long-running debt crisis. Angela Merkel, Nicolas Sarkozy, and the other leaders of the eurozone will gather in Brussels on Thursday and try – once again – to agree on a new rescue package for Greece. Three plans are on the table, including a controversial proposal to tax the financial sector to fund a new bailout.
Angela Merkel, the German chancellor, has already tried to dampen down expectations, suggesting that the Brussels summit will not deliver a single knockout solution. But City insiders warn that the economists and analysts say the situation is now at a critical stage, with Italy and Spain battling to avoid following Greece, Ireland and Portugal into seeking help from the International Monetary Fund (IMF).
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