BRUSSELS — European leaders took their first steps toward a new plan to stem the euro crisis, admitting that their last grand plan, agreed to only three months ago, has failed.Continue reading at that link.
The new effort, which leaders hope to finalize at another summit on Wednesday, involves a sweeping recapitalization of European banks, a substantial restructuring of Greece's debts, a bigger bailout fund, and even possibly fresh efforts to entice sovereign-wealth funds in China and elsewhere to come to Europe's aid.
Banks are writing off some of their Greek loans, and lots more capitalization is needed. See also Der Spiegel, "German Parliament Slows Euro Rescue Decisions," and Telegraph UK, "David Cameron vows to reclaim EU powers amid looming rebellion."
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