GERMAN CHANCELLOR ANGELA Merkel has warned that there will be no “spectacular” deal on the EU’s debt crisis when leaders meet in Brussels on Thursday.

“Those who want to take political responsibility, and that’s what the government wants and takes seriously, know that responsibly there won’t be one spectacular step,” she told reporters today, according to the San Francisco Chronicle. It’s thought Merkel is attempting to dampen growing hopes of one big fix that could draw a line under the spreading crisis.

“It’s entirely about creating a controlled, composed process of gradual steps and measures,” she added. Officials are struggling to agree a package of measures to address a second rescue package for Greece, as well as to counter deepening problems in Spain and now Italy. The Irish government is hoping any deal could result in improved terms for our own bailout loan.

Earlier this week Merkel said she would not even be attending the summit unless a deal was in place. She has insisted that private investors must share the burden of alleviating Greece’s financial problems.

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