Compromises are possible, notably on boosting the capital of the European Investment Bank, the mobilisation of unused structural funds and the creation of a European tax on financial transactions. 07.10 Whether eurobonds become a reality or not, the 'Latin Bloc' is in full revolt, writes Ambrose Evans-Pritchard, leaving Germany increasingly isolated: The trio of French, Italian, and Spanish leaders - backed by world powers - are to push for a radical shift in Europe's economic strategy at crucial summit on Wednesday. They will propose eurobonds to finance an infrastructure blitz, a sort of Marshall Plan to revive confidence even if long-term benefits will take years to feed through. While the moves are couched in diplomatic language, the clear aim of French premier François Hollande, Italian premier Mario Monti, and Spanish premier Mariano Rajoy is to wrest control of the EU's governing machinery from Germany. Mr Monti said over the weekend that Mr Hollande's "entry into the game" had changed Europe's political dynamics. He has an ally "on the same wave-length." 07.08 UK PM David Cameron defended his outspoken approach to the eurozone crisis yesterday. Speaking at a Nato summit in Chicago, he insisted that it would be more dangerous for him not to speak out. He told reporters: What happens in the eurozone matters to the UK. And my judgment is that staying silent on the problems would actually be more dangerous than speaking out because we need these issues to be resolved. And I would argue that the British contribution to this debate has been constructive. We have not just said 'sort it out'. Speaking at a Nato summit in Chicago, Mr Cameron said his contributions have been "construtive" and in Britain's national interest (Photo: EPA). 07.05 One former board member at the German Bundesbank even likened eurobonds to a form of penance for the horrors of the Second World War. At an informal summit on Wednesday, European Union leaders will try to strike a deal on a "growth pact" to sit alongside the "fiscal pact" and underpin the recovery. However, one of the central proposals - eurobonds - is causing deep divisions within the region. In an attempt to find some common ground, German finance minister Wolfgang Schaeuble and his French counterpart Pierre Moscovici met in Berlin on Monday following the inconclusive G8 summit in the US over the weekend, where leaders agreed that Greece must remain in the eurozone but acknowledged that "the right measures are not the same for each of us." On Monday, top German finance ministry official, Steffen Kampeter, reiterated Berlin's opposition, saying it was the "wrong medicine at the wrong time with the wrong side-effects." Will Angela Merkel bow to pressure? French president Francois Hollande (left) looks on as a Greek government representative (far right) shows Mrs Merkel her place before posing for the family photo during the NATO Summit on Sunday (Photo: Getty Images). 07.02 The politicial wrangling continues, this time, over eurobonds. France wants them, Germany doesn't, while Greece struggles on. France and Britain are leading calls for a move towards eurobonds as soon as possible, while Germany has long refused to back any jointly issued debt until there is greater fiscal integration.