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Market nerves over euro strategy | Market nerves over euro strategy |
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World stock markets have fallen on fears that eurozone leaders are divided over how to tackle the debt crisis. | World stock markets have fallen on fears that eurozone leaders are divided over how to tackle the debt crisis. |
After a meeting with German Chancellor Angela Merkel in Frankfurt, French President Nicolas Sarkozy was reported to have said that the two countries were at odds over a rescue plan. | After a meeting with German Chancellor Angela Merkel in Frankfurt, French President Nicolas Sarkozy was reported to have said that the two countries were at odds over a rescue plan. |
London's FTSE 100 index fell 1.2% while German and French markets also fell. | London's FTSE 100 index fell 1.2% while German and French markets also fell. |
European Commission President Jose Manuel Barroso called on leaders to reach a deal. | European Commission President Jose Manuel Barroso called on leaders to reach a deal. |
Mr Barroso said there would be "a positive result if all maintained a sense of compromise". | Mr Barroso said there would be "a positive result if all maintained a sense of compromise". |
Earlier, Asian markets had fallen, with Hong Kong's Hang Seng index down 1.8% and South Korea's Kospi ending 2.7% lower. | Earlier, Asian markets had fallen, with Hong Kong's Hang Seng index down 1.8% and South Korea's Kospi ending 2.7% lower. |
President Sarkozy had travelled to Germany for talks with Mrs Merkel, IMF director Christine Lagarde, outgoing European Central Bank chief Jean-Claude Trichet and other key officials. | President Sarkozy had travelled to Germany for talks with Mrs Merkel, IMF director Christine Lagarde, outgoing European Central Bank chief Jean-Claude Trichet and other key officials. |
He later returned to Paris, where his wife Carla Bruni had given birth to a baby girl. | He later returned to Paris, where his wife Carla Bruni had given birth to a baby girl. |
Delayed summit | Delayed summit |
The emergency talks were aiming to break the stalemate between Germany and France over how to increase the firepower of the eurozone's bailout fund, the European Financial Stability Facility (EFSF). | The emergency talks were aiming to break the stalemate between Germany and France over how to increase the firepower of the eurozone's bailout fund, the European Financial Stability Facility (EFSF). |
Earlier this month, the two countries said they had a plan to address the debt problem and would give further details by the end of October. | Earlier this month, the two countries said they had a plan to address the debt problem and would give further details by the end of October. |
But doubts have set in as reports emerged that proposals for the EFSF was still being discussed. | But doubts have set in as reports emerged that proposals for the EFSF was still being discussed. |
EU leaders will hold a summit on Sunday. | EU leaders will hold a summit on Sunday. |
The meeting had been scheduled for 17-18 October, but was delayed because more time was needed to finalise a plan to give money to Greece and bolster debt-laden banks. | The meeting had been scheduled for 17-18 October, but was delayed because more time was needed to finalise a plan to give money to Greece and bolster debt-laden banks. |