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Will markets wait for euro solution?

27 June 2012 Last updated at 10:42 BST

European leaders are preparing for an EU Summit in Brussels on Thursday - amid rising scepticism from financial markets that anything concrete will be achieved to tackle the region's debt crisis.

On Tuesday officials released a grand plan for closer economic union between the countries that share the Euro.

The seven page document proposed a European Treasury and a European banking union with power which would bring all eurozone banks under one regulator and establish a Europe-wide scheme to guarantee deposits.

However, analysts and economists are sceptical about these proposals and have said the markets may not wait much longer for a resolution.

Daniel Murray is Chief Economist at Swiss firm EFG Asset Management. He told the BBC, time is against European leaders in their bid to stem the crisis.