Eurozone Crisis: 'It's Now or Never'

The first stage on this "now or never" day for Europe has been reached. .

The German Chancellor, Angela Merkel, was given a strong mandate from the German Parliament to increase in the bailout fund with 503 voting in favour with just 83 against.

Merkel had earlier made a plea to the Bundestag saying that Germany had a responsibility to rescue debt-ridden countries, and arguing that the fund would also be used as a "firewall" to prevent contagion and that "Europe should stick together."

The battle is far from over however.

Merkel, along with the other EU leaders, are due to fly into Brussels this afternoon to begin a long night of negotiations on how to tackle the mounting debt problems in the EU.

It emerged this morning that Italy's economy, the third biggest in the EU, was struggling both financially and politically.

During the second and third steps, the summit needs to decide how much money is needed to recapitalise the exposed banks and to rescue Greece and Italy from defaulting.

British Prime Minister, David Cameron, will be able to attend the 27 state commission but without being a member of the Eurozone, will have to try and influence decision from outside of the room.

The prime minister came under pressure during PMQs in the house of Commons when Ed Miliband, the Leader of the Opposition criticised the Cameron and the deputy prime minister, Nick Clegg of contradicting each other with the former saying that Britain must reclaim powers from Europe, but the latter advising that there shouldn't be a "smash and grab" attitude with other political leaders.