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EU leaders hold crisis talks

2011-10-23 6 Dailymotion

European leaders arrive in Brussels for crucial talks on the financial crisis that has gripped the continent.<br/> Their goal: come up with a decisive plan to bail out a foundering Greece - and restore confidence to jittery markets.<br/> (SOUNDBITE) (English) BRITISH PRIME MINISTER DAVID CAMERON SAYING:<br/> "The crisis in the euro zone is having an effect on all our economies, Britain included. It is having a chilling effect, we need to deal with this issue."<br/> The talks come as fears mount that Greece will default on its sovereign debt.<br/> The markets are showing concerns that the same could happen in much larger economies, like Spain and Italy.<br/> Greek Prime Minister George Papandreou said quick action was needed to avoid a financial meltdown.<br/> SOUNDBITE)(English) GREEK PRIME MINISTER GEORGE PAPANDREOU SAYING:<br/> "It has been proven now that the crisis is not a Greek crisis, the crisis is an European crisis. So, now is the time that we as Europeans need to act decisively and effectively."<br/> The talks were expected to centre on Europe's bailout fund, which France wants to see tied to the European Central Bank - a move that would potentially give it unlimited funding.<br/> But Germany is strongly opposed to the measure which some officials say could violate the rules that govern the EU.<br/> Andrew Raven, Reuters

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