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Eurozone Faces 'Critical Week' Over Debt Crisis: Papandreou

The eurozone faces its “most critical week” as leaders battle to reach a lasting solution to the debt crisis that has shaken the European currency, Greek Prime Minister George Papandreou said today.
The EU is under huge pressure to present a plan that will decisively addresses the sovereign debt crisis by reducing Greece’s debt, stopping contagion and protecting Europe’s banks. ”Greece is the first (EU member state) to be hit by this crisis and, notwithstanding its own difficulties and shortcomings, if there is no comprehensive and final solution on a European level, the uncertainty in the broader region of Europe and the eurozone will continue,” Papandreou said.
The week ahead “will determine the fate of the eurozone”, Papandreou said ahead of a meeting with President Carolos Papoulias, warning of prolonged “insecurity” unless definitive decisions are taken at a European summit on Sunday.

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