Mario Draghi, the President of the European Central Bank has said that central bank is ready to take whatever steps required to preserve the common currency of the region.

He said that the ECB would ready to do "whatever it takes to preserve the euro". The remarks by the president of the European authority will allow leaders more time to sort out eh regions economic woes with Spain entering a more difficult economic situation.

Spain paid the second highest yield on short-term debt since the introduction of the Euro in an auction of three- and six-month bills on Tuesday and might need a full international bailout. Spain's borrowing costs have risen drastically and there is no enough money to rescue the Eurozone’s fourth largest economy if it requires a full bailout.

Analysts say that the ECB might resume its sovereign bond-buying scheme. Many of the fundamental problems in the Eurozone economies are yet to be addressed through reforms and even as there are hopes that the leaders are taking bold steps to address the situation, investors remain skeptical of the process as the prolonged European debt crisis continues to threaten economic growth around the world.