European indecision plagues world economy

Eurozone leaders were working feverishly on Tuesday to come to an agreement on the badly needed and greatly anticipated plan to reverse the zone's debt crisis. The prognosis for a deal is looking bleak.

BRUSSELS, BELGIUM (Catholic Online) - Officials have told reporters that talks between euro zone negotiators and Greek bondholders had not yet bore a result. The inconclusive talks leaves at risk a critical part of the deal: a final resolution on Greece's second bailout.

A separate but important "draft terms and conditions" paper on another critical aspect of the deal, enhancing the euro zone's €440 billion rescue fund, has stated that leaders are not yet able to decide how much leverage the fund will have.

The draft discusses details of the overhauled €440 billion fund which has been formally known as the "European Financial Stability Facility," may not be finalized until the next meeting of the euro zone finance ministers on November 7.

The continued disagreements are driving up concerns that the summit will not meet market expectations. Instead of a solution to the Greek sovereign debt crisis, it's becoming increasingly apparent that a final resolution is farther away than previously anticipated.

The news has driven down European markets.

Continued dispute amongst the 27 euro zone finance ministers and their heads of state, has put  this critical deal on hold. While the Greek government has scrambled to do its part by implementing harsh austerity measures in the face of widespread public disapproval, several of the 27 euro zone countries cannot reach an agreement, as they have their own prerequisites before they will agree to another round of bailout money for Greece.

As the summit's failure becomes increasingly likely, it is expected to send tremors through already worried international markets.

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