While the EU summit is expected to take place as scheduled, worrying things slightly last night was news that today's meeting of European Union Finance Ministers (ECOFIN) has been rescheduled to later in the week, according to a European Union (EU) spokesman.
In regards to today's summit, the European Banking Authority has identified a capital shortfall of €108bn to recapitalise the region's banks, and while there seems to be a broad consensus on the need to inject this money into the system, officials still remain undecided on two other key issues - how much firepower the European Financial Stability Facility (EFSF) should have and the level of haircuts on Greek debt.
One EU official source told CNBC, "The numbers are not yet finalised — you have to have all parameters in place and see what is needed and what the leverage factor would be. It needs a lot of technical work to come up with a number."
"The leaders will agree on the options tomorrow, but whether it will be an agreement with all details remains to be seen. I think it will be challenging — it will be very difficult to agree on everything."
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