Post date: Oct 23, 2011 4:15:25 PM
European leaders meet in Brussels to discuss a Greek bailout and Europe's deepening sovereign debt crisis. Andrew Raven reports.
BELGIUM-FINANCIAL CRISIS TALKS - European leaders arrive in Brussels for crucial talks on the financial crisis that has gripped the continent.
Their goal: come up with a decisive plan to bail out a foundering Greece - and restore confidence to jittery markets.
BRITISH PRIME MINISTER DAVID CAMERON SAYING:"The crisis in the euro zone is having an effect on all our economies, Britain included. It is having a chilling effect, we need to deal with this issue."
The talks come as fears mount that Greece will default on its sovereign debt.
The markets are showing concerns that the same could happen in much larger economies, like Spain and Italy.
Greek Prime Minister George Papandreou said quick action was needed to avoid a financial meltdown.
GREEK PRIME MINISTER GEORGE PAPANDREOU SAYING:
"It has been proven now that the crisis is not a Greek crisis, the crisis is an European crisis. So, now is the time that we as Europeans need to act decisively and effectively."
The talks were expected to centre on Europe's bailout fund, which France wants to see tied to the European Central Bank - a move that would potentially give it unlimited funding.
But Germany is strongly opposed to the measure which some officials say could violate the rules that govern the EU.
Andrew Raven, Reuters