With a new sense of urgency, the leaders of
the 27 European
Union nations grappled directly on Sunday with their thorniest financial
and economic problems, and made progress that they promised could yield a
complete package of measures within days.
The hope is that the seriousness of the leaders’ effort to finally solve the interrelated problems of Greek debt, weakened banks and a bailout fund in need of reinforcement will keep speculators at bay when the financial markets open on Monday morning. But now there is heavy pressure on the leaders to deliver the goods at their next meeting, set for Wednesday.
“Further work is still needed, and that is why we will take the decisions in the follow-up euro zone summit,” said Herman Van Rompuy, the president of the European Council.
Pervading the summit meeting on Sunday was a consensus that Europe had to attack fundamental issues and stop merely putting out the brushfire of the moment. “We all have a sense that the crisis in the euro zone is reaching very worrisome levels,” said Donald Tusk, the prime minister of Poland, which now holds the rotating presidency of the union. “We have to be happy that the decision-making progress has gained some momentum, although we can’t say we have reached the finish line today.” Read more at NYTimes
The hope is that the seriousness of the leaders’ effort to finally solve the interrelated problems of Greek debt, weakened banks and a bailout fund in need of reinforcement will keep speculators at bay when the financial markets open on Monday morning. But now there is heavy pressure on the leaders to deliver the goods at their next meeting, set for Wednesday.
“Further work is still needed, and that is why we will take the decisions in the follow-up euro zone summit,” said Herman Van Rompuy, the president of the European Council.
Pervading the summit meeting on Sunday was a consensus that Europe had to attack fundamental issues and stop merely putting out the brushfire of the moment. “We all have a sense that the crisis in the euro zone is reaching very worrisome levels,” said Donald Tusk, the prime minister of Poland, which now holds the rotating presidency of the union. “We have to be happy that the decision-making progress has gained some momentum, although we can’t say we have reached the finish line today.” Read more at NYTimes
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