Sunday Oct 23, 201110:57 AM GMT
EU leaders to discuss mounting debt
Sun Oct 23, 2011 10:45AM
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A file photo of leaders from the European Union (EU) member states at the EU headquarters in Brussels.
European leaders are set to meet in the Belgian capital, Brussels, to discuss Europe's deteriorating financial crisis ahead of the upcoming EU summit.

EU leaders hold talks in the seat of the European Union on Sunday in their attempts to hammer out a plan for tackling the eurozone debt crisis, although a breakthrough is not expected until their next summit on Wednesday, Reuters reported.

A provisional deal was agreed upon by finance ministers on Saturday that will push banks to raise billions of euros in capital and accept huge losses on Greek bonds.

"We have to take far-reaching decisions. These have to be prepared properly, I believe that the finance ministers made progress, so that we can achieve our ambitious targets by Wednesday," German Chancellor Angela Merkel told reporters.

Greece has been bailed out twice along with the Irish Republic and Portugal. The eurozone is working on a third package for Greece, as well as a solution to help the faltering economies of Spain and Italy. There are growing concerns that the eurozone debt crisis could spark a global recession.

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