A draft summit statement obtained by telegraph.co.uk on Thursday revealed plans for a revised European Stability Mechanism (ESM) treaty by the end of November which will be brought into force as soon as possible before June 2013. The ESM has been designed as the permanent replacement of the EFSF. Opposition to the bail-out plans was reinforced when Germany's growth forecast for next year was cut to 1pc down from a previous 1.8pc. The first summit starts on Friday afternoon with a meeting of finance ministers. Stephen King, chief economist at HSBC, said: "Keeping the eurozone together will involve huge financial resources and considerable ingenuity. The alternative would be worse. We argue that a break-up of the euro would be a disaster, and in a worst-case scenario could trigger another Great Depression." Meanwhile, former Prime Minister Gordon Brown has said that failure by European leaders to quickly resolve a growing financial crisis risks sparking “havoc” as Europe’s troubled banks tip the continental economy into recession. “The truth is that European banks are in a worse state than American banks, that they never really recapitalized even though they said they would,” Mr Brown said. “They didn’t write off their toxic assets. They’re not lending, and they’ve been trying to disguise the extent of the problems they face.”

Begining with 2006 International credit rating agencies were paid billions of dollars to bundle junk debt for international financiers. All the international credit rating agencies bundled the junk debt and then rated all this junk as AAA+ risk free investments, and having paid the credit rating agencies to do this on their behalf, crooked financiers then sold these junk investments to European banks - making them go bust. Then European politicians decided - the banks can't crash - we must let each state go bankrupt and each state crash instead and take on all this debt from the private sector - (miss-rated by the credit rating agencies and miss-sold by international financiers). And then what happens - the same credit rating agencies start waging war on Europe on behalf of the same international financiers that stole our money - to force Europe to sell all their assets - and the international financiers are using the money they stole from European banks to now buy up the European state assets that we are being blackmailed into selling. This is war - just because there are no bullets, bombs or tanks on our streets - the result is the same These financiers are using the money they stole from Europe to buy up our assets and European companies to ensure they control everything and that the people of Europe have to work longer without pensions, have no state benefits, have no national assets and no armies, navy or air force to defend our selves. While our governments wage war on Libyan people our politicians are too cowardly to wage war right back on the international financiers and the credit rating agencies on our behalf . Why are our governments not investigating this financial war being waged on us and why did they force our states to take on this private sector debt. We should all stand together in Europe and tell the financial sector - every single penny of banking debt is being put into one pot and we are not paying a penny of it until every single transaction and credit rating decision on every penny of the debt is investigated. And if the credit rating agencies were found to be fraudulent in their ratings - then the credit rating agencies take on the debt and also has to pay compensation and punitive damages for each bundle of debt they miss-rated and miss-sold to European banks. This is war and it is time our politicians took the war straight back to the people that are causing it.

Statistics

On the Bucharest Stock Exchange there are over 91,700 investors, 2800 fewer than at the beginning of the year, the bulk of whom have shares worth less than 15,000 euros in their portfolios, the cap for full compensation in case of losses generated by the bankruptcy of a brokerage firm.The overall value of portfolios held by Stock Exchange investors has fallen by 94 million RON (22 million euros) in the first nine months of the year to 11.4 billion RON (2.68 billion euros), while the number of investment accounts fell by 2,790 in the first nine months, to 91,721, according to statistics supplied by the Investors Compensation Fund - the institution in charge of compensating investors in case of a broker's bankruptcy.