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No quick fix in Greece -- Merkel

GERMAN chancellor Angela Merkel, right, will meet French president Nicolas Sarkozy ahead of a summit of EU leaders -- but Ms Merkel poured cold water on suggestions of a one-stop solution to Greece's debt crisis.

Ms Merkel said that the anticipation of a single move to make the crisis in Greece disappear immediately was unrealistic. "Further steps will be necessary and not just one spectacular event which solves everything," Ms Merkel said.

She said that the struggling European countries, including Ireland, needed a "controlled and manageable process".

Meanwhile the IMF has piled pressure on European leaders due to meet tomorrow in Brussels, saying the debt crisis could have a major global impact if it is not tackled quickly.

It called for a major overhaul of the European rescue funds -- it wants bigger rescue vehicles with greater power to intervene in the markets.