Best foot foraward? Will EU leaders come up with a credible growth strategy at their summit today as dark clouds remain over Athens. Photo AP Welcome back to the FT's rolling coverage of the eurozone crisis. By John Aglionby and Tom Burgis in London with contributions from correspondents around the world. Today's main event is the European Union leaders" summit in Brussels this afternoon, where growth and Greece's debt are expected to top the agenda. There are also Belgian and Italian bond auctions. 9.30: Reuters is reporting that the euro has retreated from six-week highs against the dollar as a rally driven by short-covering runs out of steam, with investors awaiting news that Greece and its private creditors are closer to a debt swap deal ahead of an EU summit. The single currency fell 0.5 percent to $1.3157 having hit a six-week high of $1.3233 in early trade. It had rallied almost 3 percent last week as speculators covered short positions. 9.20: Another expected flashpoint in Brussels is the German plan - as revealed by the FT - to impose a budget overseer on Athens in return for a €130bn bail-out. Greek finance minister Evangelos Venizeolos has said that the creation of such a position would improperly force his country to choose between "financial assistance" and "national dignity." He insisted that EU leaders already had sufficient monitoring safeguards in place. But Mr Venizelos's boss, PM Lucas Papademos reminded the country's political leaders what would happen if a deal to resolve the country's debt crisis is not finalised in the next week or three. If the process is not completed successfully, we will be faced with the spectre of bankruptcy that would have grave consequences for society, and especially for the poor. 9.10: One of the main summit agenda items is expected to be the new "fiscal compact" - to ensure closer cooperation on budget policy in the 17-nation eurozone. FT columnist Wolfgang Münchau believes it shouldn't be even on the horizon. He writes that the whole idea is "quite mad" and could well trigger an even bigger debt crisis. 8.50: The markets are clearly not expecting much from today's summit. As Jamie Chisholm, the FT's global markets commentator writes, "stocks and commodities are in retreat as rancour within Europe ahead of another summit and the lack of a deal on Greek debt restructuring reduce optimism that the fiscal crisis is easing significantly."