Disagreement during EU debt crisis stalks summit
European leaders disagreed over how to address the region's crippling debt crisis loomed over a two-day summit in Brussels that kicked-off on Thursday while uncertainty is spooking financial markets once again.
The two-day EU summit was not expected to lead to radical and decisions to contain the smoldering debt crisis as it is instead focusing on a small change to EU treaties to set up a new crisis mechanism that was originally agreed upon almost two months ago.
During the summit, German Chancellor Angela Merkel insisted that in itself was a milestone. "It is a very big step of solidarity among the euro states," she said in a meeting of Christian Democrat leaders ahead of the summit.
She sought to play down days of rumours and reports about quarrels among the member states on how to fix the currency crisis that has become a major threat to EU plans of further integration. "I want to send a clear and united signal for Europe and the euro," Merkel said. "It is always about showing responsibility, solid messages and showing solidarity."
"We are all seeking the same goal - namely to ensure a stable currency and a stable Europe."
However pressure on European policymakers to find a way out of the debt crisis remains high. Many economists warn that weak growth, paired with worries over the health of the banks, has made the debt loads of countries like Greece, Portugal and Ireland unsustainable.
Concern that they won't pay back their creditors has rocked bond markets and pulled down the value of the euro.
In the meantime violent protests took Athens by storm on Wednesday, as strikes persist unabated throughout Greece.
