Vatican: Radical Financial Reform Needed in Europe

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The Vatican is weighing in on Europe's massive debt crisis, even as European leaders continue to search for a solution.

Members of the 17-nation Eurozone are meeting to come up with a strategy to keep the economic problems in Greece and other countries from spreading throughout the continent.

Meanwhile, the Vatican's Council for Justice and Peace released a plan calling for radical reform of the world financial system.

A proposal released Monday called for policies that fairly distribute the world's wealth without damaging the weakest economies.

European leaders will meet again on Wednesday to work on formulating a plan to keep the crisis from spreading throughout the region.

Meanwhile, in a new sign of trouble for the European Union, the British parliament defeated a measure that would have allowed its citizens to decide whether to break from the EU.

Nearly 70 percent of Brits want a referendum on the EU, The Guardian reported. And about half of them would vote to end membership in the EU, according to the report.

As European leaders continue searching for a viable solution to the massive debt problems, German chancellor Angela Merkel is pushing to increase the EU's bailout power to nearly $1.4 trillion.

Some analysts say that's because she's expecting more trouble from nations like Italy and Spain.

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