Thursday, July 21, 2011

EU Summit – Last Chance for Eurozone?

This Thursday’s summit of European Union leaders could well represent the last chance for EU lawmakers to convince global markets that the Eurozone concept is viable and worth defending.

“Nobody should be under any illusion: the situation is very serious. It requires a response, otherwise the negative consequences will be felt in all corners of Europe and beyond,” European Commission President Jose Manual Barroso told a news conference.

At the top of the summit’s agenda is the question of how to ensure the sustainability of the so-called PIIGS (Portugal, Italy, Ireland, Greece and Spain) and the growing concerns that debt contagion is spreading across the continent.

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