European Union Leaders Ready for Summit on Economy

Tensions are high as European Union leaders prepare for a "do-or-die" summit on how to fix the region's economic issues. Though the meeting isn't until Friday, leaders are already disagreeing. French officials have pledged not to leave Brussels without a "powerful deal," while German leaders express reluctance toward a "quick fix" and urge full changes to the Union's treaty. Britain, on the other hand, made clear that it wanted special protections in the event of treaty changes, since it is one of the E.U. nations that don't use the euro. Meanwhile, ratings agency Standard & Poor's warned that it may cut the European Union’s ratings—and those of several large euro-zone banks, too. The downgrades may go into effect if there is a mass downgrade of euro-zone countries—which hinges on whether leaders can find a fix for the debt crisis at Friday’s summit. S&P also warned that banks like NP Paribas and Deutsche Bank are in danger of downgrades.