Important meetings come and go all the time. However, some are more crucial than others — and we’re in one of those times right now.

The eurozone is in a crisis as problems have now spread from Greece to Spain, Portugal and now Italy. Something has to be done quickly now for sure. That’s why you need to watch what happens on these two dates: Oct. 23 and Nov. 3-4.

On Oct. 23, Europe’s leaders will have a summit. During that meeting the G-20 has urged these leaders to “decisively deal with the sovereign debt turmoil” and to “quell the threat of contagion by maximizing the firepower of their 440 billion-euro ($611 billion) bailout fund.
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In fact, the U.K. Chancellor even chimed in and stated that, “Next weekend’s meeting in Brussels is the moment people are expecting something quite impressive.”

What is this that is “quite impressive”? We don’t know yet but there is some speculation out there as to what it might be.

The things rumored to be talked about so far are things like a writedown of Greek bonds by 21 percent to 50 percent.

So watch to see what happens on Oct. 23 and see if these European leaders really have a game plan or if they are just full of meetings and hot air like all the previous times.
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__________________________________________________________ Then after that, on Nov. 3-4, the G-20 will meet again in Cannes, France. We’ll get a glimpse at that time as to what the G-20 thinks of the deal that the Europeans put together on Oct. 23.

People are skeptical because the Greek crisis really started two years ago and it has not been stopped in its tracks yet. Yet if something isn’t done soon, the contagion could spread to other parts of Europe and then to the U.S. very easily.

And all it takes is one big entity failing as a result of the lax hands of the European leaders and we could have another Lehman Brothers on our hands.

One thing is for sure, the fate of the euro hangs in the balance of what happens in these meetings. If they don’t produce a convincing plan, the euro is very likely to sell-off very heavily.

Even of late, the euro has rallied because of traders feeling that the eurozone leaders will come up with a plan. So the expectations are set high.

If the expectations of traders aren’t met, watch for the euro to sell-off and the dollar to rally once again.

About the Author: Sean Hyman
Sean Hyman is a member of the Moneynews Financial Brain Trust. Click Here to read more of his articles. He is also the editor of Money Matrix Insider. Discover more by Clicking Here Now.