Eurozone rescue plan hits new hitch

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There has been another major hiccup in the eurozone's plans to announce a final rescue deal in Brussels to try to end the turmoil in the euro area. The Polish presidency of the EU has confirmed to the BBC that key meetings have been postponed. The EU's 27 finance ministers and the 17-nation Eurogroup will not now meet on Wednesday, although a full emergency heads-of-government summit will happen. This could mean a delay to final announcements on solutions. The hitch could stall agreement about how to enlarge the European Financial Stability Facility (EFSF) rescue fund and secure larger write-offs of Greek debt, although there is no confirmation of this. Meetings of economy and finance ministers - known as Ecofin - are traditionally held to to prepare measures for consideration by heads of state and government at a summit. BBC business editor Robert Peston says it means Wednesday's summit will agree broad principles of eurozone rescue, but detail of measures will then need to be finalised by subsequent finance ministers' meetings and "presumably not published for a few days". The full emergency summit and dinner involving the 17 eurozone nations afterwards will still go ahead as planned. It is, however, understood that more political discussions are to take place.

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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.