The European Commission President Jose Barroso expressed his upbeat and optimistic view on the coming summit and the ability of leaders to reach a comprehensive deal on the EFSF.

The president saw hope that the euro leaders will reach the final format of how to expand the firepower of the EFSF in the coming summit next weekend on October 23, where his comments come ahead of the finance ministers gathering on Friday to draft the final touches for the leaders.

The July summit already shaped the outlook for the EFSF and now that all governments ratified the changes the new tools of the fund should be operational.

In Brussels Barroso said We have been proposing the leveraging of the EFSF and he added saying that he hoped Sunday will see the final agreement and that he is encouraged by the work going on and said that the decision can be made and he thinks that there could be a very positive outcome as far as there is political will and a sense of compromise from all participants.