An emergency summit of EU leaders

Details

Published on Monday, 31 October 2011 15:41

European leaders meet in Brussels to agree on the last details of the plan to help to Eurozone in crisis due to several members of the public debt in euro area countries. However, after the cancellation of the meeting of European finance ministers, to be held before the summit of leaders, it is unclear how detailed the agreement will be finalized at the meeting of leaders, and whether or not adopted a final plan to support the economy of Eurozone.

Meetings of ministers of economy and finance "Ecofin" are usually held before the final approval of decisions at the summit meeting of leaders of states and governments. At an emergency summit will be agreed on general principles of the plan to rescue Eurozone, but the details of the agreement may be agreed at subsequent meetings of finance ministers and may not be announced for several days.

Following the negotiations, which took place last weekend, it was decided, according to which the banks will have to increase its authorized capital to protect against market shocks.

EU member states also agreed to increase the fund to assist countries in the Eurozone, which were on the verge of default. Certain EU countries, before the meeting in Brussels, will have to give a report on its plans to stabilize the economy of the country.

German Chancellor Mrs Angela Merkel before the meeting in Brussels must vote in parliament to increase the stabilization fund of the eurozone without replenishment with German taxpayers money.

By Irina Lelina for Areti Charidemou & Associates LLC