Thursday, October 27, 2011
European leaders have thrashed out a deal they hope will resolve the problems that threaten the stability of world markets and the very existence of the euro currency.
Marathon negotiations at EU headquarters in Brussels resulted in a deal that will slash Greek debt, recapitalize European banks and more than double the EU bailout fund's resources to handle future sovereign defaults.
While questions still remain over whether Greece will be able to meet their debt obligations, the fact that leaders were able to finally put concrete numbers to what had previously been little more than vague promises bolstered financial markets.
"It's great news that we've got an agreement," said Deutsche Bank economist Gilles Moec. "When Europe puts its heads together, they do actually begin to cooperate." more