EU plans crisis summit

Eurozone leaders mulled convening a crisis summit in coming days as global pressure mounted on Wednesday for a swift and solid response from Europe to stop debt contagion devastating prime economies Italy and Spain.

Eurozone leaders mulled convening a crisis summit in coming days as global pressure mounted on Wednesday for a swift and solid response from Europe to stop debt contagion devastating prime economies Italy and Spain. In Brussels, diplomats said “a meeting of eurozone leaders is under consideration,” while European Union president Herman Van Rompuy said in Madrid that a summit “has not been excluded”.

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However, Germany downplayed the need for the summit, saying such a meeting was not in the offing. France meanwhile said it was in favour of holding the summit to prevent Greece’s debt crisis from spiralling.