EU leaders delay crisis meeting

roundtable_410European Union leaders have delayed their next crisis meeting, saying they need more time to finalise a rescue plan for Greece and troubled banks.

This means another week of uncertainty lies ahead as markets remain volatile.

The summit, which was originally scheduled for next Monday and Tuesday, has been moved to October 23.

Herman Van Rompuy, the president of the European Council, says “significant progress” has been made in the implementation of the July package. Yet he says European Union leaders will need more time to finalise their comprehensive strategy on the sovereign debt crisis.

“Further elements are needed to address the situation in Greece, the bank recapitalisation and the enhanced efficiency of stabilisation tools,” he says. “These elements are closely related to the outcome of the troika mission to Greece, on the state of implementation of the program and the commission's plans for a framework for the bank recapitalisations.”

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