EU calls extraordinary eurozone summit

Euro zone leaders will be meeting in Brussels on Thursday to discuss a second bailout package for Greece and financial stability in the euro area, European Council President Herman Van Rompuy announced this evening.

In a statement posted on Twitter, Mr Van Rompuy said the leaders of the 17 euro zone states, including Malta, would meet at noon.

"Our agenda will be the financial stability of the euro area as a whole and the future financing of the Greek programme. I have asked the preparatory work to be brought forward inter alia by the finance ministries," he said in the statement.

Earlier this week members of the euro area clashed over the need of an extraordinary summit among fears that this will continue to increase speculation about Italy – the area's third largest economy – that it is about to follow the path of Greece, Ireland and Portugal requiring a bail out.

EU finance ministers, meeting in Brussels earlier this week have all dismissed this speculation stating that Italy's economy is resilient enough not to require any bail out. Italy's debt currently amounts to 120 per cent of GDP.