U.K., Hungary bow out- Leaders kicked off the summit

A full agreement on closer fiscal ties within the EU fell through after the U.K. asked for concessions that France and Germany weren’t willing to give, according to a Reuters report.

Hungary also wouldn’t take part, according to a report in The Wall Street Journal, while Sweden and the Czech Republic were uncommitted.

Leaders kicked off the summit — which were increasingly being viewed as make-or-break for the euro zone — at dinner Thursday, and the talks went on into the early hours of Friday morning.

A closely watched European Union summit failed to secure the full backing of the 27 nations for treaty changes to help fight the region’s debt crisis by coordinating fiscal policy