Euro Crisis grows with fears of financial contagion

Financial markets in Europe suffered losses, as did the Euro itself, after Eurozone finance ministers meeting in Brussels raised the issue of a possible Greek default,and failed to put safeguards in place to prevent contagion spreading to Italy and Spain.

EU Council President Herman van Rompuy said European leaders are committed to solving the crisis.

"Let me be very clear, there is the highest commitment at the highest level to do whatever is necessary to safeguard financial stability," he said

Meanwhile in Italy, the centre-left opposition said it would support the government's 40-billion-euro austerity package, in a show of unity in tackling the crisis.

Listen: