Summary Box: France, Italy to discuss debt crisis

(AP)? GRIM TIMES: The leaders of two European powerhouses, France and Italy, faced increasing pressure as they prepared to discuss the spiraling debt crisis that threatens to engulf both of their economies.

ECONOMIC DETIORATION: The interest rate on Italy's 10-year bond rose above 7 percent again Friday, a level that has eventually forced other countries to seek bailouts. Meanwhile, new data showed economic sentiment and retail sales are falling across the region, while unemployment in the 17-nation eurozone is stuck at 10.3 percent.

THE PLAYERS: French President Nicolas Sarkozy had pressed Rome to adopt stringent austerity measures last year. Italian leader Mario Monti said ahead of Friday's talks that Italy would meet its target of balancing its budget by next year. France, meanwhile, faces the loss of its prized AAA credit rating, which would have far-reaching consequences for Europe.

Source: http://feeds.cbsnews.com/~r/CBSNewsWebMD/~3/jRl1BMXc-30/

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