BREAKING NEWS

EU leaders delay summit to agree crisis plan

By REUTERS

OCTOBER 10, 2011 17:22

European Union leaders will delay a summit meeting planned for next Monday by almost a week, buying time to agree a crisis strategy to boost struggling banks and cope with debt-laden Greece.

European Council President Herman Van Rompuy announced the postponement until Oct. 23 after German Chancellor Angela Merkel and French President Nicolas Sarkozy promised on Sunday to present measures to stabilize the euro zone by the end of the month.

The two premiers gave scant details about their plan, other than to signal that it would include bank recapitalization, something which has divided Germany and France.

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