The European Council and Eurozone leaders' summit have been postponed until October 23 so that the EU "can complete its overall strategy for the debt crisis in the eurozone" according to an announcement issued on Monday by European Council President Herman Van Rompuy. The summit meetings were originally scheduled for October 17 and 18.
The announcement said that additional information was required in order to examine some of the issues, such as the state of the Greek economy, recapitalisation of banks and the effectiveness of tools that the European Financial Stability Fund (EFSF) has at its disposal.
Van Rompuy said this additional information would arise from the report of the EU-IMF troika mission in Greece and the European Commission's plan for recapitalisation of banks.
The European Council president has also recommended the holding of emergency Eurogroup and ECOFIN council meetings before the summit on October 23.