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Reply #51: Leaders goal: restore market confidence in the Euro & creditworthiness of 17 countries using it. [View All]

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Divernan Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 05:36 PM
Response to Reply #50
51. Leaders goal: restore market confidence in the Euro & creditworthiness of 17 countries using it.
Edited on Thu Oct-27-11 07:02 AM by Divernan
More from the NYT following the news flash above:
http://www.nytimes.com/2011/10/27/world/europe/german-v...

Chancellor Angela Merkel of Germany said: I believe we were able to live up to expectations, that we did the right thing for the euro zone, and this brings us one step farther along the road to a good and sensible solution.

In the face of considerable pressure from Europes leaders, the banks had been resisting requests that they voluntarily accept a loss of about 50 percent on their Greek loans, far more than the 21 percent agreed to previously. But after months of denying that Greece would have to restructure its large debt, which was trading at 40 percent of face value, European leaders forced the much larger reduction, known as a haircut, on the banks, while the International Monetary Fund promised more aid to Greece.

Germany had taken a tougher stance than France with the banks. Mrs. Merkel was willing to think about imposing an involuntary write-down on the private sector, but Mr. Sarkozy remained worried about the consequences on the markets and the banking system.

In a statement, Charles Dallara, managing director of the Institute of International Finance, which represents the major banks, said he welcomed the deal. He called it a comprehensive package of measures to stabilize Europe, to strengthen the European banking system and to support Greeces reform effort.

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