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EU sets two-week deadline to tackle debt crisis

European Union leaders have set themselves a two-week deadline to agree a comprehensive plan to resolve the eurozone debt crisis, according to the Financial Times.

The FT reports that EU leaders are meeting on October 23 to finalise the terms of what European Council president Herman Van Rompuy is calling “our comprehensive strategy” to resolve the debt crisis.

The issue splitting EU countries is Greece. A German-led group of countries wants to see the terms of the second £95bn Greek bailout revised, but France and others are reluctant over fears such a move could spread panic.

Senior European officials have also said they were close to a consensus on plans to recapitalise Europe’s banking sector.

Separately, a Slovakian vote on increasing the powers of the eurozone bailout fund, the European Financial Stability Facility is taking place later today. The measures to be voted on include expanding the size of the fund to be able to lend up to £383bn, and the power to buy eurozone government debt and offer credit lines to member states and to banks.

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  1. So in a fortnights time we’ll all live happily ever after in a land of milk and honey will we?

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