Guardian
July 18, 2011
Leaders of the 17 eurozone countries, plus European central bankers and commissioners, will hold an emergency summit in Brussels on Thursday in the latest, probably the biggest, effort to settle Europe's sovereign debt crisis.
The stakes are huge, with the leaders under enormous pressure from the markets, the Americans and the vulnerable parties in the eurozone to agree a new rescue package for Greece and more broadly to ringfence the euro.
After 15 months of ad hoc measures, muddling through, and playing for time, Europe's leaders may be facing a date with destiny. But with deep divisions over how to resolve the long running crisis, it is not clear that they can summon the political will to supply persuasive answers to the big questions they are being asked.
Frantic efforts were under way on Monday to try to reach a deal that will be blessed by the leaders on Thursday. But the five main camps each have a different view on the crisis and how to solve it, leaving Europe divided.
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