On Wednesday, government heads from all 27 members of the European Union are gathering in Brussels for a second time, following a summit over the weekend.
German Chancellor Angela Merkel addressed the German Parliament before heading off to Brussels. Following her address, the Bundestag voted through a number of measures to boost Europe's stability fund.
EU politicians have promised to deliver an ambitious and durable solution to a crisis that poses the biggest threat to the euro since the common currency was launched over a decade ago.
"The sovereign debt crisis threatens the very existence of the eurozone," said Howard Archer, chief European economist at IHS Global. "It is therefore absolutely imperative that European policymakers finally deliver a major package."
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