The EU leader’s summit will get under way today in Belgium. Leaders of the 27-nation bloc are expected to explore ways of breathing life into their stricken economies at the meeting through the issue of Eurozone bonds.
Over in Greece the ordinary person in the street in doubtful of a positive outcome. A sentiment shared by these two people. Speaking in Greek they said,
"I expect nothing, nothing from these partners, these friends - we've known them for years, we know what they're like."
"I expect absolutely nothing from no one. Only Greeks could manage something themselves, but unfortunately we, Greeks, are not the same as we used to be."
Germany is going to need to show some flexibility on its reluctance to consider Eurobonds, which simply speaking allows all Eurozone members to club together and borrow under a single name, or to allow some wiggle room on austerity commitments.
In terms of markets, It’s the bank shares that are most at risk, where European banks hold around $1.2 trillion in sovereign debt from Spain, Portugal, Italy and Ireland. So if Greece leaves, they are going to have to react react, if today’s Summit doesn't throw up any viable solutions.
Written and Presented by Ann Salter