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"You will hear some less-serious people in Ireland or Greece say, We don't need you Europeans with your conditions because the Chinese will bail us out," said Katinka Barysch, deputy director of the CER.

Philip Whyte, senior research fellow at the CER discusses how share prices and the value of the euro have soared after European leaders agreed a framework to solve the debt crisis last night.

But according to Simon Tilford, chief economist of the London-based think tank the CER, the chances of hedge funds being hit in that way are slim. Mr Tilford says European politicians and policymakers fear the consequences of compulsory write-downs. Because they believe investors would then assume that compulsory write-downs could be applied to other countries' bonds. "They are worried that if they compel borrowers to take haircuts, there will be a dramatic sell-off of Italian and Spanish debt ...

"We're not going to see meaningful reform of the euro zone's macro economic policy framework. It's not even under discussion. That is the single biggest obstacle to a recovery of economic growth," Tilford said.

Cameron est dans une position très difficile car, d'une part, la crise de l'euro a des répercussions économiques considérables en Grande-Bretagne et, d'autre part, cette crise est une opportunité formidable pour les eurosceptiques, analyse Simon Tilford, économiste au Centre for European Reform.

Sobre todo si se cumplen algunos vaticinios: "Europa está iniciando lo que parece una década perdida", dice Simon Tilford, del think tank británico CER.

"I don’t think they can meet expectations. The summit will fall well, well short of the kind of big bang needed to reassure the markets," said Simon Tilford, chief economist at the CER in London.

Governments will probably scrutinise the proposed budget more carefully than when Galileo was first conceived over a decade ago because of concern over the economy, said Tomas Valasek, director of foreign policy and defence at the CER in London. Still, the project probably won’t be shut down, and enough funding will be approved to keep staff employed and provide a minimal return for the manufacturers, he said. “They’ve already poured so much money into it ... Galileo has already benefited from previously unplanned allocations from the European Commission budget.”