European leaders working late on financial rescue plan
Ferry Biedermann, The National (UAE), 27.10.2011
Even though Britain is not part of the Euro zone, the prime minister, David Cameron, emphasised the importance of a comprehensive solution as he went into the summit. "We need to have the greatest possible support for the most comprehensive solution possible and that is what we'll be discussing tonight."
Mr Cameron faced a rebellion in his Conservative party earlier this week when 81 Tory MP's voted in favour of a referendum on British membership of the EU.
The Euro debt crisis and the way it is being handled has provided Euro-sceptics across the continent with a lot of ammunition over recent months, say analysts. Even though most would expect both the EU and the Euro to survive, the crisis is seen as a potential threat to both.
"We are likely to muddle through. Even the ones who are most negative about this crisis, when you asked them do you think the Euro will still be around in ten years, they'll say of course it will be," said Janis Emmanouilidis at the European Policy Centre in Brussels as the summit got underway.
But the financial markets in particular are sceptical that an injection of capital alone into the Euro zone will halt the crisis.
"Ultimately there is a set of institutions that needs to be created in the Euro zone at the national and the Euro zone level to really deal with the capital needs." said Rachel Ziemba of Roubini Global Economics in London.
Mr Emmanouilidis also warned that Europe's drawn-out struggle with the debt crisis undermined its international position.
"From the perspective of the Middle East but also of China, India and Brazil, Europe appears weak," he said.
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