Sarkozy warns 'no second chance' if summit fails

French President Nicolas Sarkozy warned Thursday Europe was facing an unprecedented risk from its debt woes and said a crucial EU summit in set to begin in Brussels was the last chance to solve the crisis. European Commission president José Manuel Barroso meanwhile called on European leaders to do "everything to guarantee the irreversibility of the euro" as heads of state geared up for the summit. Duration: 01:35