European Leaders Agree On Plans To Shore Up Banks In Effort To Contain Debt Crisis -- Washington Post
ATHENS — European leaders moved early Thursday to stem the debt crisis gripping the continent by agreeing to a plan that imposes steep losses on investors holding troubled Greek bonds and boosts the firepower of the region’s bailout fund to at least a trillion dollars.
After marathon negotiations that continued well past midnight, European leaders said banks and other major investors in Greek bonds agreed to take losses of up to 50 percent. This concession was meant to help prevent the Greek government from defaulting on bills it cannot pay and avoid an even costlier shock to the European financial system.
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More News On Europe's Debt Crisis
Europe reaches key deal to help Greece -- Yahoo News/AP
Euro zone strikes deal on second Greek package -- Yahoo News/Reuters
Eurozone to boost bailout fund to 1 trln euros: Sarkozy -- Yahoo News/AFP
Eurozone leaders agree emergency deal on region's debts -- BBC
Leaders Reach Deal for Banks to Take Loss on Greek Debt -- New York Times
Eurozone debt crisis: leaders agree rescue plan -- The Telegraph
EU Sets 50% Greek Writedown, $1.4 Trillion in Debt-Crisis Fight -- Bloomberg Businessweek
Euro zone strikes deal on second Greek package -- Reuters
Greece to get 100B euros in more rescue loans -- USA Today
My Comment: Will this rescue plan work? We shall see.