The talks will focus on a proposal by Italian PM Mario Monti to use money from the so-called state bailout fund to issue eurozone bonds – a move, which is strongly opposed by Germany. The situation in Greece and Spain is a cause of serious concern for the participating leaders. Madrid has already applied for EU help and experts believe that the Eurozone crisis is nearing its peak.
Moody’s earlier downgraded the credit ratings of 15 major banks, including The Bank of America and Deutsche Bank.
Radio Liberty
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