It was revealed by a spokesperson of the government that there shall be a meeting held between the chancellor of Germany Angela Merkel and her French counterpart Nicolas Sarkozy. It was revealed that this would be for a discussion to be held on the Eurozone crisis and what the future steps of both the governments are going to be.

If Spain and Italy had their own currency like Britain, it could easily have skipped the debt crisis. But now, when the Spanish and Italian government’s 10 year debt have increased by 6%, it would be very difficult for them to get rescue, by help.

The Markit Eurozone Services Purchasing Managers' Index (PMI), which combines the services and manufacturing data, reported that it has fell to 51.1, its lowest level since September 2009, from 53.3 in June, however, it was up from a flash estimate of 50.8.

Rob Dobson, Senior Economist at data provider Markit, said, “The growth slowdown in the euro zone service sector continued apace in July”.

European retail sales is reported to have risen from May’s drop in June, as it rose by 0.9%, after dropping 1.3% in the previous month. Hence, economists projected a gain of 0.5 %, as sales dropped 0.4 % from a year ago.

Also, in Germany, Europe’s largest economy, retail sales went up 6.3% from May, when they dropped by 2.5%, and French sales moved 0.7%, as Spanish sales fell 0.5%. In Ireland, sales were low, and in Portugal, they surged by
0.9%, with the countries receiving ‘European Union-led rescue funds’.

The prevailing debt crisis in the Eurozone has left many nations troubled and in despair. According to recent reports, it has been revealed that Germany is witnessing shortage in the workforce and is now looking at Spain for possible help.

Thursday’s underwhelming earning reports have become the cause of worry for many.

People’s tension grew more when along with Germany’s largest companies earning reports, another report showing lesser confidence among European business and consumers was released on Thursday, showcasing that the figures reflect slower growth even in the Continent’s strongest economies.

Few differences were ongoing between Germany and France to combat the continent's debt crises but fortunately all the issues have now been resolved and termed under a make or break summit of EU leaders in the market on Thursday.

On Wednesday, the European Union called a decision of Greek Parliament to approve a controversial package of austerity measures, observed as critical to avoid default.

"The country has taken an important step forward along the necessary path of fiscal consolidation and growth-enhancing structural reform”, European Commission President Jose Manuel Barroso and European Council President Herman Van Rompuy said in a joint statement. "But it has also taken a vital step back -- from the very grave scenario of default. This was a vote of national responsibility”.