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News Link • Economy - International

Europe: Grimmer by the minute


NEW YORK (CNNMoney) -- European leaders insist they are making progress on a comprehensive plan to tackle the eurozone's debt and banking crisis.

But the details are foggy and last-minute delays suggest that significant disagreements remain unresolved.

On Wednesday, government heads from all 27 members of the European Union will gather for a second time, following a summit over the weekend.

EU politicians have promised to deliver an ambitious and durable solution to a crisis that poses the biggest threat to the euro since the common currency was launched over a decade ago.

"The sovereign debt crisis threatens the very existence of the eurozone," said Howard Archer, chief European economist at IHS Global. "It is therefore absolutely imperative that European policymakers finally deliver a major package."


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