Photo: Wikimedia Commons
UPDATE: A Bloomberg blast just came across the wires confirming that there will be a new meeting by October 26.German Spokesman Steffen Seibert said in a statement today that Merkel and Sarkozy agree the EFSF needs new crisis intervention rules, and are set on developing a “comprehensive crisis solution.”
They’re also pushing for Greece to reach a sustainable deal on its debt. This includes giving a new look to private sector involvement in the second bailout.
PREVIOUSLY: The FT is reporting that EU leaders will be forced to hold a second summit to discuss a way to end the eurozone crisis.
One German official told the FT, “There will be no agreements [on Sunday]…This will now happen Wednesday at the earliest.”
Two things are reportedly preventing a Sunday decision.
According to the report, EU leaders are still failing to reach an agreement on how to deal with Greece’s debt sustainability.
German Chancellor Angela Merkel has also failed to get her legislative coalition in order and bring about a mandate that would expand the firepower of the EFSF.
The EFSF is considered the rescue fun that will prevent contagion from spreading across European banks and sovereigns. Leaders are deciding how to allocate its €440 billion in funding to maximise its impact and stabilise markets.
There is one good thing to come out of this, however. Your Sunday is probably now free to watch football.