Another 'make-or-break' EU summit next WEEK

The EU's pre-summer-break summit looms large on next week's agenda, as the crisis, which wrecked Greece, threatens to engulf Italy and Spain.

The centerpiece of the event will be proposals drafted by the EU commission, the EU Council, the central bank and eurozone leaders on a future banking union and political Union.

Several previous summits were already billed as make-or-break events for the single currency and the world economy.

In the run-up to this one, Moody's cut th...