Eurozone debt resolution 'unlikely in near future'

26 October 2011

Vast differences of opinion still exist between banking officials and policymakers on how best to resolve the eurozone debt crisis.

A summit held today (26 October) involving the 17 leaders of states in the region is therefore not thought likely to produce any concrete resolution to the ongoing problem because of disagreements over the bailout plan and Greece's debt burden, Reuters reports.

All parties involved have now reached consensus on the fact that a sum of around $153 billion needs to be injected into the continent's ailing banking system in order to rejuvenate it.

However, the logistics of such a plan have not yet been ironed out, meaning the region is likely to be stuck in limbo for some time to come, despite the fact G20 leaders gave a deadline of last Sunday (23 October) to confirm a plan.

An official from the EU told the news source: "The numbers are not yet finalised - you have to have all parameters in place and see what is needed and what the leverage factor would be."

By Asim Shah

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