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2011.10.1710:23:00UTC+00Germany Says Planned Package Unlikely To Fix All Debt Problems

German Chancellor Angela Merkel has warned that expectations that a package, that is to be evolved during the EU leaders' October 23 summit, will solve all debt problems would not be fulfilled, her chief spokesman Steffen Seibert reportedly said on Monday.

The spokesman said Merkel expects the solution to the European debt crisis to be a long process and continue well into next year.

Meanwhile, German Finance Minister Wolfgang Schaeuble also cautioned that the European Council summit this weekend is unlikely to find a concrete solution to the crisis.

The G-20 meeting, which concluded over the last weekend, set October 23 as deadline for developing a plan to curb the spread of debt contagion, recapitalize banks and to avoid a Greek default.

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