The European Union (EU) is holding an extraordinary economic summit in Brussels on February 11 to prepare to coordinate efforts to meet a third wave of the economic crisis, reported Voice of Russia.

The third wave of the economic crisis swept over Europe this year. It is actually the result of overheating anti-crisis measures late in 2008 and early in 2009.

The third wave first struck Greece, Spain, Portugal, Ireland and, partly, Italy. In 2009 the state budget deficit reached 12.7% in Greece. In 2010, an 11.7% budget deficit threatens Ireland, an 8.3% deficit Portugal, and a 10% deficit Spain.

Referring to a Brussels-based source, The Financial Times reported that Germany and France are holding extraordinary consultations on the allocation of €20bn loans to Greece.

In Strasbourg, the European Commission stated that stabilization in Greece does not require the IMF’s financing, as the European Union has sufficient finds and political will.

T.P.