18 October 2011, 17:19  Germany, Schaeuble: Markets must rapidly stabilise if Europe is to avoid damage to its real economy

German Finance Minister Wolfgang Schaeuble said that while EU leaders were set to "provide cover for uncertainty in financial markets", a permanent solution was unlikely to arise out of Sunday's summit. He also warned that markets must rapidly stabilise if Europe is to avoid damage to its real economy. Under intense pressure from their international partners at a meeting of G20 finance ministers and central bankers in Paris at the weekend, Europeans pledged to deliver at this weekend's summit. French Finance Minister Francois Baroin said "the results of the October 23 summit will be decisive." Greek Prime Minister George Papandreou said the euro zone faces its "most critical week" ahead of the summit. The week ahead "will determine the fate of the euro zone", Papandreou said, warning of prolonged "insecurity" unless definitive decisions are taken. Greece has been kept waiting for two months for a slice of bankruptcy-saving funds, part of a €110 billion loan from the EU and the International Monetary Fund contracted last year.

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