Before the launch of the European leaders Summit tomorrow in Brussels, President of the European Commission, Jose Manuel Barroso, gave a summary about the main points to be tackled by the leaders.

First, he stressed on the importance of the meeting due to the undergoing situation in the region saying that Nobody should be under any illusion: The situation is very serious.

In addition, he clarified that the meeting aims to come out with:

1) New measures for Greece to stabilize its impaired public finances, highlighting to the role that could be played by private-sector investors.

2) Making the European Rescue Fund more flexible in case of a need of further expansion.

3) Decisive Measures for overhauling the European banking sector to guarantee the provision of liquidity.

By and large, the main focus will be on the Greek issue and repairs in the banking sector that warrant the smooth implementation of the Basel III agreement.