Showdown Looms on Euro; Eurozone Deadline Looming
Byline: DAN ATKINSON and SIMON WATKINS
THE future of the euro is hanging in the balance ahead of a crisis summit of European leaders billed as the last chance to save the currency.
Prime Minister David Cameron will travel to Brussels to join the 26 other leaders in the European Council to discuss sweeping changes to the eurozone.
Britain is outside the single currency, but a collapse of the euro would have a catastrophic effect on the fragile British economy.
At the centre of the rescue plans are proposals for 'fiscal union' - forcing eurozone governments to submit their budgets for approval to Brussels.
It is hoped that this would persuade Germany and the European Central Bank to print money to buy significant quantities of bonds of troubled member governments.
Christoph Weil, analyst at Commerzbank, said: 'Calls are growing louder and louder for all countries in the eurozone to assume joint liability for sovereign debt to stem the crisis.
'The German government has so far expressed strong opposition to such plans, leaving it clearly in a minority position. …