Next Gen News

. European leaders meet in Brussels to discuss the debt crisis

sanitation bond awaiting Greek

. Reports that the PM has promised Italy to resign in January . Read a summary of events so far

. Read our blog live here before

1:36 p.m. Here is a good, although a little daunting, Room

Stefan Theil

Italy illustrates the profound crisis, current plans do not solve. Many semi-European socialist governments simply do not know how to reduce expenses, and were even less willing to spend the kind of market-opening reforms would increase economic growth and make it easier to pay the debt. France, which, with its weak banks is the elephant in the room of the euro crisis has not adopted a serious reform of their pensions, civil service or labor laws in the past 60 years. Greece, despite the crisis, has begun to privatize or to start collecting taxes. The problem is that once any overall agreement is signed bailout, the power will return to the debtor, because Europe has no mechanism to force a Sarkozy or Berlusconi to reform. The paradox is that without the pressure of the current crisis, the crisis is much deeper than continue to multiply.

1:07 p.m.

Stephen Gallo

, an analyst at Schneider Foreign Exchange market, it said:

Division politics, history of indecision and magnitude of financial problems in Europe means a comprehensive plan is unlikely. The summit can be an exercise in "kicking the can down the road." Of course, the market developments in the latest news from the summit. In all likelihood, Europe can not find a solution to the debt crisis, perhaps set a new deadline, prompting the euro to fall.

24:54 ET / 5:54 p.m. BST

with zerozero in the comments pointed out this video of the wrath to come boos Greek Greek ministers a mass celebration in

Thessaloniki

. The crowd is clearly not think there is much to celebrate. On his way to the meeting in Brussels, Greek Prime Minister

George Papandreou

said the Greek people "make a superhuman effort to put our home to make our economy viable confident, prosperous and a better future for the Greek people. "He added:

It is now time for European leadership together to make decisions to end the uncertainty, to end the crisis, to turn the page and make sure we do a big step forward for better future prosperity and security of our peoples in Europe.

24:36 ET / 5:36 p.m. BST

While our European masters to decide the fate of the world, here is a summary of where we are date:

Today is the last of a series of crisis meetings on the European debt crisis.

Euro leaders meet in Brussels to discuss, among other things, reduce the debt of Greece, the realization of economic reforms in other troubled countries, including Italy and support European banking system.

rescue fund In a boost for German Chancellor Angela Merkel, the German parliament voted overwhelmingly to expand the European Financial Stability Fund (EFSF) the euro area .

Speaking before the vote in the Bundestag, Merkel said that Europe is facing its toughest challenge since the end of World War II. "If the euro fails, it fails to Europe," said Angela Merkel.

After punching in the Italian Parliament have agreed on a set of economic reforms demanded by EU leaders

. Silvio Berlusconi arrived in Brussels with the letter of intent "to 15 pages and sets out the commitments in Italy.

EU leaders have imagined come to the meeting, which began half an hour.

must stop at 13:00 ET (18:00 GMT), but certainly over time. After that, we expect returns, and possibly a press conference.

stock markets are a little bit.

The FT-SE 100 ended the day 0.5%. U.S. stock markets are also slightly up. At midday in New York, the euro fell 0.6 percent to $ 1.3825 against the dollar.

24:14 ET / 7:14 p.m. BST

David Gow,

our man on the mat red in Brussels, I submit the following:

All now appear with the British Prime Minister David Cameron, speaking of what they are looking for "the widest possible support for the most complete solution is possible and what we will about this. Night "George Papandreou, the Greek prime minister, has just arrived, saying that" the Greek people are superhuman efforts to put our house in order "- and expect EU leaders to recognize that reciprocity" Now is the time for European leadership together to uncertainty, to end the crisis, to turn the page and be sure to take a big step towards a better future and prosperity of our peoples in Europe, " he said. Nicolas Sarkozy smiled - barely. Angela Merkel was blunt: "One step today,"

But in other places in this town again in the autumn sun, the news from Germany and the n is not beautiful .. Negotiations with the banks on the writing of Greek debt have failed, no concrete offer on the table bond in the building along the Rue de la Loi Lex and therefore not agree the size of the bailout fund, the EFSF, or how much you can contribute to the second program for Greece.'s what they want to accomplish tonight, but there is precious sign of his power.

The Greek proposal is as follows: for every ? 100 of debt cancellation to 50 years old, pay 15 species and convert the other 35 long-term loans. But Germany rejected. The EFSF should ensure the loss of the first of these new loans Greek, but no one can say if 20% or 30%. A key point is that EU governments want the agreement on the basis of the nominal value of Greek bonds, bonds to market value.

11:47 pm ET / 4:47 ET

All the big names are now reaching the

Justus Lipsius " / aa>

Development in Brussels. What really matters is the look of a Hollywood awards event. Who will win Best Actor? Silvio or Nicolas? First actress? My money is on
Economist Nouriel Roubini

, also known as Dr. Doom, is not impressed with all the scams euros. Speaking at the Commonwealth Business Forum in Perth yesterday, the economist said today's meeting:

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