European Union leaders were holding talks on Wednesday to try to agree on a convincing, comprehensive plan for tackling the euro zone's sovereign debt crisis.
The Brussels meeting of EU leaders will be followed by a summit for the 17-nation single currency area, whose leaders have struggled to hammer out a plan.
Following are comments ahead of Wednesday's talks:
AUSTRIAN CHANCELLOR WERNER FAYMANN
ON HAIRCUT FOR GREEK BONDHOLDERS:
The wish is to come up with a voluntary haircut, I think that is right, but until that is negotiated we can't announce it. It's still open.
We always said 40-50 percent is part of the negotiations but we have to be fair because we don't know what the counterparties would ask for that.
ON EUROPEAN FINANCIAL STABILITY FACILITY (EFSF):
The other issue is to improve the way the rescue fund is used. To make it strong enough that it would last for a few months or years would be an elementary step forward. If we always have to call summits against the background of a crisis it doesn't create a lot of trust.
I'm very much in favour of making better use of the rescue fund and giving it more bearing capacity.
DUTCH PRIME MINISTER MARK RUTTE
We need a real solution, we won't buy anything with mediocre compromises. Some things really need to happen.
We need today to talk about Greece and ensure that Greek debt is sustainable and that we're finally finished with this business. We must talk about the banks and how they get through this difficult phase.
We must ensure that this bazooka, the European rescue fund, is strong enough to show the market that we mean it. We also have to make sure this can't happen in the future. We need strong supervision and live up to our promises.
We are in this job to take decisions. It's not easy, but it really has to happen.
BELGIAN PRIME MINISTER YVES LETERME
I think we will have a solution for Greece. It is very important to ask for a voluntary effort by the banks to reduce Greece's debt. It is also an effort through the EFSF to make credit accessible at reasonable rates for Greece.
ON WORK AHEAD:
I think it is work that advances step-by-step. But the step we are going to take today or tonight is a very important step towards a total restoration of the confidence in the euro zone.
It's an economic union in the making so it does not yet have the firepower it should have, but we're taking steps forward. Let's hope for tonight.
ON EUROPEAN FINANCIAL STABILITY FACILITY (EFSF) BAILOUT
Let's hope we succeed in giving (the EFSF) enough convincing firepower. It's one of the two to three most important points we still have to tackle.
I think that in effect we would need to be a whole bit above 1,000 billion euros (869 billion pounds)
GREEK PRIME MINISTER GEORGE PAPANDREOU
Our challenge today is not simply to save the euro. It is to safeguard the ideas we cherish so much in Europe: Peace and cooperation amongst our nations, social cohesion and solidarity without prejudice amongst our people.
From our side the Greek people are making a superhuman effort to put our house in order, to make our economy confident, viable, prosperous and create a better future for the Greek people, for our country.
Now is the time for the European leadership to collectively take decisions to end the uncertainty, end the crisis, turn the page and make sure we make a big step forward for the better future and prosperity and security of our peoples in Europe.
EUROGROUP PRESIDENT AND LUXEMBOURG'S PRIME MINISTER
Our Italian friends know well that we have to assume that we will be informed this evening that there will be significant, structural (budget) consolidation efforts from Italy. That is a must.
ON AGREEING DECISIONS:
I think that if we make our decisions in such a way that they work under pressure, then we will have made the right decisions.
(Reporting by Robert-Jan Bartunek, Philip Blenkinsop, Jan Strupczewski, Robin Emmott, Daniel Flynn, John O'Donnell and Christopher Le Coq)