EU Summit Preview: Quick Overview of Events
Investors will look to Europe for news headlines this upcoming week as leaders from 17 countries will meet and discuss plans to contain the sovereign-debt crisis.
On Sunday, EU leaders will gather at a summit in Brussels. Initially a one-day meeting to finalize plans for the European Financial Stability Fund, the euro-zone’sbailout fund, a second meeting has been added by the group and it is scheduled to occur by Wednesday.
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The delay comes from disagreements on key parts of the plan. Agreement on the final numbers of Greece’s debt from the “troika’ of international leaders and the German (NYSE:EWG) chancellor Angela Merkel’s wait for approval to increase the weapons in the the €440bn rescue fund has slowed things down.
Also at stake, is the possible impact the plan will have on France’s (NYSE:EWQ) triple-A debt rating. All the eurozone governments may see losses from the plan and with a French downgrade, it could possible collapse the EU’s financial rescue.