EU summit delayed to agree crisis strategy

EUROPEAN Unionleaders will delay a summit meeting planned for next Monday by almost a week, buying time to agree a crisis strategy to boost struggling banks and cope with debt-laden Greece.

European Council president Herman Van Rompuy announced the postponement until October 23 after German Chancellor Angela Merkel and French President Nicolas Sarkozy promised on Sunday to present measures to stabilise the eurozone by the end of the month.

The two premiers gave scant details about their plan, other than to signal that it would include bank recapitalistion, something which has divided Germany and France.