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EU Sets 50% Greek Writedown, $1.4T in Rescue Fund

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 05:06 AM
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EU Sets 50% Greek Writedown, $1.4T in Rescue Fund
http://www.bloomberg.com/news/2011-10-27/europe-leaders...

European leaders persuaded bondholders to take 50 percent losses on Greek debt and boosted the firepower of the rescue fund to 1 trillion euros ($1.4 trillion), responding to global pressure to step up the fight against the financial crisis.

Ten hours of brinkmanship at the second crisis summit in four days delivered a plan that the euro areas stewards said points the way out of the debt quagmire, even if key details are lacking. Last-ditch talks with bank representatives led to the debt-relief accord, in an effort to quarantine Greece and prevent speculation against Italy and France from ravaging the euro zone and wreaking global economic havoc.

The worlds attention was on these talks, German Chancellor Angela Merkel told reporters in Brussels at about 4:15 a.m. today. We Europeans showed tonight that we reached the right conclusions.

Measures include recapitalization of European banks, a potentially bigger role for the International Monetary Fund, a commitment from Italy to do more to reduce its debt and a signal from leaders that the European Central Bank will maintain bond purchases in the secondary market.
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