EU Summit in Brussels bail out Greece

European Commission President Jose Manuel Barroso, German Chancellor Angela Merkel, Greek Prime Minister George Papandreou, French President Nicolas Sarkozy and EU president Herman Van Rompuy, at summit in Brussels is the first to be chaired by Belgian Herman van Rompuy, the newly appointed EU president have pledge to bail our Greece from her fiscal crisis. Greece economy with inflating budget deficit, at 12 percent is four times higher than eurozone rules and national debt currently is about 300 billion euros.Greek government has faith in themselves to overcome the crisis without external support. German chancellor, Angela Merkel talked of constitutional hurdles that made it hard for Germany to offer Greece bilateral aid further ask Greece to submit to monthly monitoring of its public finances by the European Central Bank and the International Monetary Fund.Greece needs money from the EU, after wasting billions from Brussels on a bloated public sector, corruption and uncompetitive enterprises. EU leaders in process of cementing their economy but debt-laden Greece comes in way and in order to prevent a spillover in the euro zone, a monetary union with 16 EU member states see further spill spreading on to Spain and Portugal to follow next weak links. José Luis Rodríguez Zapatero, the Spanish prime minister, frames market pressure on their countries as part a plot by speculative market forces that want to destroy the euro plus tougher financial regulation for the EU. Austria,Britain and Swedenare reluctant to pay for the bailout of Greece, preferred to seek help from the IMF and make sure that the country does not default on its debts. Contact Information: Sagar Media