Fitch: EU Leaders Failed to Draft Concrete Solution at Summit

Reuters

Fitch Ratings on Monday said failure by EU leaders to come up with a "comprehensive" solution to the region's debt crisis has increased short-term pressure on ratings of euro-zone countries.

EU leaders on Friday secured a historic agreement to draft a new treaty for deeper economic integration in the euro zone, but more decisive measures to stem the debt crisis remained

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"It seems that a 'comprehensive solution' to the current crisis is not on offer," Fitch said in a statement.

"Taking the gradualist approach imposes additional economic and financial costs compared with an immediate comprehensive solution. It means the crisis will continue at varying levels of intensity throughout 2012 and probably beyond, until the region is able to sustain broad economic recovery," it added.

(Reporting by Walter Brandimarte;Editing by Chizu Nomiyama)