European leaders delay debt plan decisions

True to form, European leaders Sunday put off the tough decisions needed to save the continent from its debt crisis but promised that a comprehensive plan is coming.

For weeks it's been clear what the 17 countries that use the euro must do: reduce Greece's debt burden so the country eventually can stand on its own, force banks to raise more money to ride out the financial storm that will ensue, and show that their European bailout fund can prevent larger economies from getting dragged into the crisis.

On Saturday, officials said the leaders were nearing agreement on slashing Greece's debts. But Sunday, the only solid detail to emerge from three days of intense talks was that the continent's banks, many of which are awash in Greek bonds, will have to raise their capital buffers much faster than planned -- by the end of 2012, instead of 2019.

Leaders of the continent's richest countries did have stern words Sunday for Italian Prime Minister Silvio Berlusconi; many fear Italy could be dragged into the debt crisis if it doesn't make major budget cuts quickly.

That would spell disaster: Europe has rescued Greece, Ireland and Portugal -- but cannot afford to rescue Italy, the eurozone's third-largest economy. Analysts say EU leaders, known as the European Council when they meet in Brussels, have to act now to eliminate the possibility of Italy's financial collapse.