Markets reacted negatively to the decision to cancel the EU finance ministers meeting scheduled for Wednesday, yet the EU and the euro leader meetings will still be held in Brussels as scheduled.

The announcement sent a shock wave to markets and was considered as a setback, where it might mean the nations did not compromise any of their differences on the package that should be announced and further speculation was fueled by German remarks as Merkel opposed to a clause in the draft that see the EU asking the ECB to continue purchases of bonds, which Germany sees undermines the independence of the central bank.