NEW YORK (CNNMoney) -- European leaders will be in talks pretty much non stop over the next few days as they hammer out a plan to fix the eurozone debt crisis.
The flurry of "consultations" comes ahead of a highly-anticipated summit of European Union government leaders on Sunday in Brussels. This was supposed to be the defining moment with a clear solution.
But as political wrangling heated up, officials scheduled a second meeting, saying the plan would be finalized next Wednesday.
Analysts said a delay is not surprising given the difficult choices that must be made and what's at stake
While the outcome of these meetings is impossible to predict, expectations for bold action have come down dramatically this week.
French President Nicolas Sarkozy and German Chancellor Angela Merkel appear to be at odds over the best way to enhance a government-backed fund for banks and troubled euro area economies.
The two leaders are also not on the same page over how to restructure Greek government debt, according to the latest chatter in financial markets.
Still, many investors remain optimistic about an effort to strengthen European banks, which is expected to involve a reassessment of capital needs and total about €100 billion.
But the relatively calm tone in financial markets could change in a heartbeat if the talks fail to translate into concrete action.
"The markets seem remarkably sanguine about the ability of policymakers to save the day," said Jonathan Loynes, economist at Capital Economics in London. "We doubt that will remain the case."
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