It is clear that financial markets lack confidence in the EU's rescue efforts, including the agreement last Friday by Germany, France, Italy and Spain on a EUR 130bn stimulus package, Dnevnik writes.

Much like the Spain bank bailout agreement, the stimulus package failed to strengthen confidence in the markets. And without this all the efforts are meaningless.

Dnevnik thinks it is very unlikely that EU leaders will be able to leave a more positive impression on the markets this week. Germany continues to oppose the idea of eurobonds, while France opposes any supranational oversight of debt and budgets of member states.

But since France and Germany remain the main powertrain of Europe, it is time that German Chancellor Angela Merkel and French President Francois Hollande get the views in sync.

As this is unlikely to happen already this week, the summit will likely be an attempt to buy some more time, Dnevnik concludes under "Another Euro Purchase of More Time".