Gridlock For Euro Debt Talks

The European Union finance ministers canceled their meeting Tuesday, causing concern that the governments needed more time to strike up a plan to deal with the mushrooming debt crisis. The finance ministers from all 27 countries agreed to meet early Wednesday ahead of the evening summit of EU leaders to sign off on a plan for the debt crisis. The EU’s executive arm in Brussels, the European Commission, said Tuesday that the ministers are still on track to craft an agreement. There appears to be a consenus that 110 billion euros are needed to be pumped into the banking system to with Greek's potential default. Early reports Tuesday of disputes in Germany and Italy, as well as discord in the European Central Bank, had many wary about how an agreement could be reached at Wednesday’s summit. Pessimism over the plan was reflected globally as worldwide stocks fell Tuesday.