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Wednesday, October 26, 2011

Euro Watch

by Calculated Risk on 10/26/2011 02:16:00 PM

This is a great resource from the Financial Times: Eurozone crisis: live blog The meeting starts at 7:15 PM Brussels time and will probably continue late into the night.

A few stories ...

From the Financial Times: EU bids to slash Greek debt by third

From the WSJ: Europe Still Split On Crisis Package

The euro zone and banks are working on a plan that will cut the Greek debt held by private investors by 50% ... According to the plan, banks will be asked to exchange existing bonds for new 30-year bonds, carrying a 6% coupon plus 15% in cash, the official said. ... "This will cut the face value of the entire €205 billion ($285.10 billion) debt in private hands by half."
From CNBC: Stocks Jump on Signs of EU Debt Talk Progress
The euro zone is planning on leveraging its EFSF bailout fund "several fold" with the finance ministers deciding the details in November, according to the draft euro zone summit statement attained by Reuters.