Europe has 'enormous debt mountain'

On Thursday global stock markets fell sharply as investors continued to worry about the eurozone debt crisis and the US economy.

The head of the European Commission, Jose Manuel Barroso, admitted that the supposed rescue deal to bring stability to the eurozone was not working as planned.

Louise Cooper from BGC Partners says the EU is facing "a mountain of debt" and the Germans are tired of "writing cheques" for the rest of the continent.