Eurozone leaders discuss emergency market measures

Eurozone leaders discuss emergency market measures

POSTED: Thursday, June 28, 2012 - 9:00pm

UPDATED: Thursday, June 28, 2012 - 9:14pm

BRUSSELS — Increasingly desperate Italy and Spain drove leaders of the 17 countries that use the euro into an emergency overnight meeting Friday to seek agreement on urgent measures to lower their borrowing costs. The success of a summit meant to reassure markets hung in the balance.

A modest deal by the 27 leaders of the European Union to spend €120 billion ($149 billion) to stimulate economic growth was thrown into flux after Italy and Spain said they would block it unless it was paired with immediate action to help lower the interest rates on their government bonds.

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