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Page last updated at 09:02 GMT, Saturday, 22 October 2011 10:02 UK

'Serious and tense' time for eurozone


Germany's Finance Minister Wolfgang Schaeuble has said that the situation surrounding the eurozone debt crisis is "serious and tense".

Speaking in Brussels as European ministers meet in an effort to find a solution to the financial meltdown which has hit some EU countries in recent months, Mr Schaeuble emphasised the responsibilities faced by governments.

"We know that the concern of the financial markets is increasing and that the unrest is increasingly impacting on the real economy.

"We have a responsibility towards Europe, the eurozone and all of our countries, but also of course towards the world economy. We must work within the G20 but and must find answers before the meeting in Cannes at the start of November."

Speaking on the programme Elmar Brok, German MEP for the Christian Democrats and former Chairman of the European Parliament Committee on Foreign Affairs said that ministers had "no choice" but to reach a compromise solution.

Steven Major, global head of fixed-income research at HSBC Holdings told Today presenter John Humphrys that the markets were looking for "a coherent plan that embraces fiscal union.

"There isn't a quick fix. There just needs to be... a road map."

The five-day meeting comes as economists from the EU and the International Monetary Fund warn that Greece's finances are worsening, despite the release of the latest bail-out loans.

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