CRI听力:European Leaders Explore Ways to Alleviate Debt Crisis

The leaders of France and Germany now say boosting economic growth across Europe is a priority in their effort to stem the European Debt Crisis.

As part of his plans, French President Nicolas Sarkozy says he wants European leaders to act quickly on a new inter-governmental treaty.

"We want the intergovernmental treaty to be looked at over the next few days and for negotiations to be concluded in the coming days and for the treaty to be signed on the 1st of March."

26 of the EU's 27 members have already agreed in principle to the inter-governmental treaty - a "fiscal compact" - to stabilise the euro.

The UK is the only hold-out.

Meanwhile, a new 500-billion euro EU bailout fund - the European Stability Mechanism - is going to be launched in July, a year earlier than originally planned.

The existing fund - the 440-billion euro European Financial Stability Facility - is considered too weak to rescue a major eurozone economy such as Italy or Spain.

Sarkozy is also suggesting France could introduce a financial transaction tax as early as February, while Germany is maintaining a position that any tax like that has to be EU-wide.

The UK government says it will only consider introducing a financial transaction tax if there is global agreement on it, with UK Prime Minister David Cameron worried the introduction of such a tax would have a negative impact on London as one of the world's financial centers.

At the same time, German Chancellor Angela Merkel also says an agreement with Greek bondholders has to come soon for Greece to receive a vital second bailout.

"Our intention is that no country has to leave the Eurozone. We always said that Greece is a special case. If you look in detail you will see that the investment of private creditors is necessary to bring Greece back on track and of course the measures Greece agreed on with the Troika need to be implemented."

Greece needs a second EU-IMF top-up to avoid a default and possible exclusion from the eurozone.

The rescue package, worth 130-billion euros, would include a voluntary restructuring of Greek debt - meaning bondholders would have to write off 50% of the Greek bonds' value.

Merkel is due to meet with International Monetary Fund chief Christine Lagarde on this same issue later on this Tuesday.

For CRI, this is Ding Lulu.