EU calls emergency summit in Greece to frorge second Greek bailout

In a Twitter message, Herman Van Rompuy said on Friday that the leaders will be meeting to discuss "the financial stability of the euro area as a whole and the future financing of the Greek program."

Disagreement over how banks and other private investors will contribute to a second bailout for Greece within a little over a year has sparked market panic in recent weeks.

Additionally, Eurozone members have already clashed over the need for the summit as mounting fears that a defaulting Greece could further throw the European Union’s financial stability off balance.

Currently, the sights are set on Italy and its own debt crisis, as it looks on the slippery path to follow Greece, Portugal, and Ireland in requesting bailout assistance.

Spain has also been dragged into the crisis as investors fret over a potential default by Greece.