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All eyes on tense ‘euro crunch summit’

BELGIUM: EU leaders debate “a big leap forward” to strengthen their union and save the euro at a two-day summit starting Thursday, but divisions may scuttle efforts to bring the currency back from the brink.

European Union heads of state and government gather from 3:00 pm (1300 GMT) as the debt crisis, now in its third year, widened this week.

Cyprus and Spain have joined the earlier victims of contagion - Greece, Portugal and Ireland - in requesting aid. With Italy, the eurozone's third economy, also threatened, the EU is under pressure from world leaders to deliver a convincing plan to prevent a collapse of the single currency, which would have unfathomable global repercussions. The summit “is perhaps the most important since the foundation of the EU” 60 years ago, said the head of the global IFF bank lobby Charles Dallara. “It's about winning back the trust and confidence of long-term investors,” he told the German weekly, Die Zeit.

“I'm afraid they'll only allow themselves to be convinced by comprehensive solutions.” The 19th summit since 2010, it has, like others before it, been billed the mother-of-all-summits, a “last chance” for the decade-old euro. Among short-term solutions is an ambitious pact to kickstart growth by injecting 130 billion euros ($163 billion) into floundering economies currently facing record unemployment of 11 percent.

For the longer term, leaders will be asked to sign on to a roadmap toward tighter economic and monetary union over the next decade, the first step to a banking union to be agreed by the end of this year. AFP

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