No deal yet on euro crisis as the danger grows

[Javaman]

http://www.usatoday.com/money/world/story/2011-10-23/europe-debt-crisis-summit/50884354/1

BRUSSELS (AP) – European leaders yet again put off the tough decisions needed to save the continent from its debt crisis but promised Sunday that a comprehensive plan is still coming.

As they dawdled, the danger was rising in an already high-stakes game.

Leaders of the continent's richest countries had unusually stern words Sunday for Italian Prime Minister Silvio Berlusconi, because many fear his nation could be the next dragged into the debt crisis if it does not make major budget cuts quickly.

That would spell disaster: Europe has rescued three small nations — Greece, Ireland and Portugal — but cannot afford to rescue Italy, the eurozone's third largest economy. Analysts say EU leaders, known as the European Council when they meet in Brussels, have to act now to eliminate the possibility of Italy's financial collapse.

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