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Euro summit deal looks elusive

Wednesday, October 26, 2011 - 01:48

Oct. 26 - With European leaders yet to deliver a 'comprehensive solution' on the euro zone crisis, concerns remain that crucial details will be left out of the rescue plan. Basmah Fahim reports.

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It's decision day for Greece as European leaders are due to finally decide how best to tackle the country's debt crisis. Leaders from the 17 euro zone nations are meeting in Brussels. But with just hours to go they still couldn't decide on critical aspects, including the euro zone rescue fund and the extent of the Greek debt write-down. Many Greeks are angry about the politicians lack of clarity. (SOUNDBITE)(Greek) GEORGE BOGIATZIS, BANK EMPLOYEE, 40, SAYING: "I am sure that it will be worse for us, that much I understand, but what really seriously worries me is that the leaders, the French, the Germans, the Dutch, the big powers of Europe, cannot agree on anything, that is even more worrying." Financial markets have been hammered by the uncertainty and ahead of the meeting investors were still cautious. (SOUNDBITE) (English) TRADER AT BAADER BANK, ROBERT HALVER, SAYING: "I guess the foreplay is all over. Today is main act, definitely. Politics has to deliver, we would like to see some performance otherwise we will be very disappointed." One thing is certain European leaders don't want a Greek default - France's foreign minster Alain Juppe. (SOUNDBITE) (French) FRENCH FOREIGN MINISTER ALAIN JUPPE SAYING: "If we let Greece fail, there will be a domino-effect and it will be catastrophic for European construction. So I think that today we will find a solution to ensure that Greece's debt burden will be lightened.'' It's thought the leaders have reached an agreement on the European banking system - and will give 110 billion euros to banks exposed to bad debt. But they are still thought to be divided on other crucial details and may end up only agreeing on broader issues, which means Europe's economic problems are far from over. Basmah Fahim, Reuters

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Euro summit deal looks elusive

Wednesday, October 26, 2011 - 01:48