With markets growing impatient and Greece running out of money, Europe is running out of time to come up with a solution to a growing list of financial crises.
This week a planned extra meeting of eurozone finance ministers was cancelled (after we recorded the podcast) amid concerns a deal was not close to being reached. EU leaders will still meet in Brussels and the issues are stark: Greece needs a new bailout agreement, many of the continent's banks need to be recapitalised and the bailout fund (EFSF) needs to be substantially enlarged.
All of these issues are interlinked and all require, ultimately, taxpayers' money - much of it from Germany.
Larry Elliott, David Gow and Jill Treanor assess the likelihood of a deal being agreed before calamity ensues.
(Warning: This podcast contains scenarios of financial peril)
Leave your thoughts below.
