Italian PM Says ‘One Week To Save Eurozone’

Italian Prime Minister Mario Monti warned of dire consequences if EU leaders fail to boost the continent’s beleaguered economy at a key summit in Brussels next week, Al Jazeera reports. Monti sounded an ominous note in an interview with five European newspapers published Friday, adding that If the summit fails “a large part of Europe would find itself having to continue to put up with very high interest rates, that would then impact on the states, and also indirectly on firms.” So far the leaders of Germany, France, Italy, and Spain–the euro zone’s four largest economies–have agreed on a modest package which will spur growth by one percent.