18 Oct 2011

Warning issued by Germany

7:06 am on 18 October 2011

Germany is lowering expectations that a lasting solution for the Eurozone debt crisis will be agreed at a European Union summit in Brussels on Sunday.

"The chancellor has pointed out that the dreams building up that this package will mean everything will be solved and over by Monday cannot be fulfilled," said Steffen Seibert, chief spokesman for Chancellor Angela Merkel.

Finance minister Wolfgang Schaeuble also said the summit was not expected to deliver a definitive solution to the crisis.

The BBC reports the meeting of EU leaders will be followed on 3 and 4 November by a G20 summit in the French city of Cannes.

G20 finance ministers said in a statement on Saturday that the IMF had enough funds to make its contribution to solving the crisis.

So far Greece, Portugal and the Irish Republic have needed bailout loans from the European Union and International Monetary Fund.