European debt crisis: 'Europe is going to have a very tough winter' - video analysis
This article is more than 12 years old
Eurozone leaders have agreed a deal to ease the debt crisis, including an increase in the bailout fund to €1tn and an agreement from banks for a 50% writedown of Greek bonds. But Larry Elliott, the Guardian's economics editor, says Europe's problems will return unless banks start lending more to stimulate growth