• 21 OCT 2011
Plans to "decisively address" the debt crisis this weekend were plunged into chaos on Thursday night as European leaders were forced to announce another "summit" next week amid political deadlock between France and Germany.
By Louise Armitstead, and Bruno Waterfield | The Telegraph
A statement released by the Elysee Palace said that Nicolas Sarkozy and Angela Merkel would meet to discuss their "ambitious and comprehensive response" to the crisis ahead of the European Council summit on Sunday.
But in a tacit admission of the gulf between them, the statement added that resolutions would be "finally adopted" at a "second meeting no later than Wednesday".
Insiders said the weekend's summit of European leaders came close to being cancelled altogether, with the French president Mr Sarkozy having to beg German Chancellor Mrs Merkel not to pull the plug during frantic telephone calls.
The news came as US President Barack Obama praised Mr Sarkozy and Mrs Merkel for working "diligently" for a "politically sustainable" solution to the eurozone crisis in a video conference with the two leaders and UK Prime Minister David Cameron.
The second summit delay sent shockwaves around the world. Politicians and financiers have been banking on repeated pledges from France and Germany to "decisively address" the crisis by Sunday.
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EU to hold second summit next week (EUobserver)