french president nicolas sarkozy and german chancellor angela merkle are preparing for a crucial meeting to discuss how to deal with the ongoing eurozone debt crisis. markets will be hoping for the launch of a common eurobond. merkle and sarkozy have said that would not be on the agenda. christian frazier reports. >> four weeks ago, they shook hands on a deal the french were hailing as a game changer. the was the expanded bailout plan, now totaling 440 billion euros, a cure to the economic turmoil in europe, or merely a pact to buy time? since then, italy and spain have come under renewed pressure. the crisis in europe's periphery has spread to the core, with a run on french banks last week. there are signs in france and across the eurozone that growth is shuddering to a halt. the july decision to expand the bailout fund cannot be ratified by the 17 eurozone members until after the summer break. today's meeting has been called to reassure markets that action is being taken. but there is a perception among the european commission is part of what fueled the crisis. >> we have had difficult

angela merkle is not renowned for her sense of urgency, but no longer can she are nicolas sarkozy hide from the decisions that must be taken. the longer europe takes, the more intractable the problems seem to become. yet, there was discussion of a bigger bailout fund, no sign that germany or france will fully guarantee the debts of their neighbors, and no sign that either country has found a solution to the crisis threatening the growth of their own economies. >> we think member states in the eu have to be more responsible. they have to ensure that the points of this package be maintained. that means we have to look at the budget. we have to reduce the, in debt. >> today's emergency summit was designed to reassure investors. but ahead of the meeting, european stocks were falling again. the major reason was european growth figures for the second quarter, flat at 0.1%. is that a blip or a worrying sign contagion is spreading to the engine room of the european economy? in france, polls suggested 46% of people asked the german chancellor to find the answers. less expressed the same confide

german chancellor angela merkle. hillary clinton, michelle obama is eight, lady gaga is number 11.ook at michele bachmann, number 22 of the most powerful women in the world. >> lady gaga a lot more important than people who are running for president. i guess when you wear a dress made out of cold cuts. >> that always gets them. >> facebook ceo number five in the world. joining us for more on steve jobs resignation, john fort. good morning. >> good morning. lots of people surprised out here in silicon valley. lots of comments coming out from companies that have been competitive with apple. cisco coming out with support of steve jobs. google posting statements and support of steve jobs health. this is a person who has affected all of silicon valley. >> what do we know -- i know they are tight lipped about this. we suspect it's the pancreatic cancer. he had a liver transplant. is that the bottom line? is it why he stepped aside? >> it appears to be. absent from the statements yesterday was any referent at all to his health. the closest we got was he mentioned if it ever came down to h