48 hours if no summit solution

The euro's survival is about to be determined as European leaders gather for a key summit later on Thursday. They'll examine proposals from the French and German leaders, which could radically change how the Eurozone works. Strict budget discipline and a common corporation tax for the 17 single currency members are among the priorities. Chancellor Merkel and President Sarkozee are seeking to revise the 2009 Lisbon Treaty, which restructured the way the entire EU works. Britain is threatening to veto anything which might damage London's financial sector. The EU is already on watch for further credit downgrades if leaders don't act decisively in the next 48 hours. The man behind 2 of Belgium's leading business magazines and author of 'The End Of the Euro' - Johan Van Overtveldt says market reaction will be devastating if no real solution found.

• 2011-12-08T18:12:50+00:00
• Duration: 06:29

Share

Keywords

News & Politics , Johan, Van, Overtveldt , Germany , France, Angela Merkel EU summit German Chancellor budget cuts economy , scandal , eurozone , Greece , EU , euro , austerity , eurocrisis , democracy, Europe, Papademos , European Central Bank , bureaucracy European , taxpayers, debt crisis , European Union , Brussels, European Commission , European taxpayers , euro debt, deabate, solucion, cumbre de las eropas, francia, alemania, notciias, lideres, politics