13 Jul 2011

Eurozone countries mull crisis summit

9:40 am on 13 July 2011

European Union leaders are considering holding an emergency summit of eurozone countries on Friday amid fears the debt crisis could spread to Italy and Spain.

The fear is those countries may follow Greece, Portugal and Ireland and seek a bailout from the EU and the International Monetary Fund, the BBC reports.

Despite eight hours of talks in Brussels, eurozone ministers have reached no final decision on details of a second bailout for Greece.

They discussed how, and by how much, banks and other financial institutions could contribute to a new rescue package. Any decision has to be agreed with the IMF.