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The European Leaders closing deal on fiscal and budget controls by EU and IMF.

Iron Ladies Angela Merkel and Christine Lagarde, working together to strengthen Europe

The EU will have to agree the national budgets of heavily indebted countries under a deal to be signed tomorrow at a summit in Brussels.

The move will mean Greece losing control over its own budget, after Germany and the International Monetary Fund laid down increasingly harsh conditions for the indebted nation to receive its second £100 billion eurozone bail-out.

With the country on the brink of default, Christine Lagarde, the managing director of the IMF, yesterday revealed that a “fiscal compact” was set to be signed by European Union leaders at their summit tomorrow. READ MORE HERE