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Monday, October 10, 2011

EU Leaders delay summit until Sunday Oct 23rd

by Calculated Risk on 10/10/2011 01:05:00 PM

From Reuters: EU leaders delay summit to agree crisis plan

European Union leaders will delay a summit meeting planned for next Monday [to until October 23] buying time to agree a crisis strategy to boost struggling banks and cope with debt-laden Greece.
"This timing will allow us to finalize our comprehensive strategy on the euro area sovereign debt crisis," said [European Council President Herman Van Rompuy] ...

"Further elements are needed to address the situation in Greece, the bank recapitalization and the enhanced efficiency of stabilization tools (the EFSF bailout fund)."

The delay also means leaders will know whether Greece qualifies to receive the next tranche of aid under its existing rescue program ... Greece was wrapping up talks with EU and IMF officials on the vital aid, Finance Minister Evangelos Venizelos said on Monday.
By the end of the month, the EU will know if Greece will receive the next loan installment, and the EU leaders should announce a plan to recapitalize European banks. Sounds like another exciting Sunday in just under two weeks ...