Greek crisis dominates EU summit

BRUSSELS (EUX.TV) – European leaders confirmed Thursday they would step in to prevent a spread of the Greek debt crisis if the Greek government is able to enact a series of stringent austerity measures. At the start of their two-day summit in Brussels, the EU leaders agreed that the situation was very serious. Without further help from other countries, help, Greece could be bankrupt by July, with disastrous knock-on effects for European banks. The EU leaders reiterated they were ready to offer Greece support only if parliament in Athens agreed to the latest consolidation package, which would legislate some 28 billion euros in tax hikes and spending cuts, as well as privatizations worth some 50 billion euros. That’s supposed to happen in the coming days. The Greek prime minister was encouraged. But it remains to be seen if Greece will be able to deliver the required legislation. At the summit of the Eurpean People’s Party, the Greek opposition christian-democrats did not commit to signing.