European leaders meeting on October 18 was delayed till October 23as the leaders await the final review from the Greek mission amid rising opposition to German Chancellor, Angela Merkel, who sees that private investors should bare more in the second bailout package for Greece.
The meeting was delayed as European lawmakers needed more time and space to find final solution to end the debt crisis once and for all, as Greece remains the main focus, then securing the banking sector and finally supporting Italy and Spain to avert the debt crisis.
The Belgian Prime Minister, Yves Leterme said that Europe needs a strong plan to secure the banking sector before making new decisions that involve cutting Greek bonds values more than the 21% average agreed in the July accord.
Leterme said in a Bloomberg Television interview at his Brussels residence yesterday it is a very sensitive item, and added that you can't at every European Council change the percentages and bring supplementary problems to banks.
The European Central Bank opposed larger write-down on Greek debt, while the bank has also been against any backsliding from the agreement on July 21 regarding the second bailout for Greece, according to an official in the ECB.