EU Leaders Hold Emergency Huddle
Greece is hanging by a thread, and its European neighbors scrambled to avoid a similar fate, and stave off even harder times for the Greeks, by holding a summit in Brussels on Wednesday. Here's a look at a couple of action items on the busy agenda for German Chancellor Angela Merkel, French Prime Minister Francois Fillon … (more)
Greece is hanging by a thread, and its European neighbors scrambled to avoid a similar fate, and stave off even harder times for the Greeks, by holding a summit in Brussels on Wednesday. Here’s a look at a couple of action items on the busy agenda for German Chancellor Angela Merkel, French Prime Minister Francois Fillon, Italian Prime Minister Silvio Berlusconi and other leaders from the eurozone. –KA
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The summit has been discussing a number of proposals reportedly agreed on by EU officials at the weekend, including:
European banks must raise 106bn euros (£92bn; $147bn) in new capital to shield them against possible losses to indebted countries The European Financial Stability Facility (EFSF) – the single currency’s 440bn-euro bailout fund – is to be given more firepower, although it is not clear how this will be achieved] Lenders to Greece will be asked to agree to much deeper losses than the 21% write-off currently on the table.
BBC economics correspondent Andrew Walker says tackling the weakness of banks is the area where most progress has been made.
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