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Economy
In reply to the discussion: STOCK MARKET WATCH -- Monday, 30 January 2012 [View all]xchrom
(108,903 posts)59. Greek Debt Talks Risk Derailing EU Summit
http://www.bloomberg.com/news/2012-01-29/greek-debt-talks-risk-derailing-eu-summit-progress-on-crisis-fighting-plan.html
European Union leaders gather for their first summit of 2012 as a deteriorating economy and the struggle to complete a Greek debt writeoff risk sidetracking efforts to stamp out the financial crisis.
EU chiefs arrived in Brussels today to put the finishing touches on a German-led deficit-control treaty and to endorse the statutes of a 500 billion-euro ($656 billion) rescue fund to be set up this year. European finance officials yesterday discussed a deal that Greece and its private creditors expect to complete in the coming days after bondholders signaled they would accept government demands for a bigger cut in their debt holdings.
Efforts to hold the 17-nation euro area together with bolstered fiscal rules and a stronger firewall are colliding with stalled progress in Greece, where the crisis began in 2009. To prevent a financial collapse, Greek bondholders have been pushed to cede more ground after agreeing in October to take a 50 percent cut in the face value of more than 200 billion euros of debt.
The fact were still at the beginning of 2012 talking about Greece is a sign this problem hasnt been dealt with, U.K. Chancellor of the Exchequer George Osborne said at the World Economic Forum in Davos, Switzerland.
European Union leaders gather for their first summit of 2012 as a deteriorating economy and the struggle to complete a Greek debt writeoff risk sidetracking efforts to stamp out the financial crisis.
EU chiefs arrived in Brussels today to put the finishing touches on a German-led deficit-control treaty and to endorse the statutes of a 500 billion-euro ($656 billion) rescue fund to be set up this year. European finance officials yesterday discussed a deal that Greece and its private creditors expect to complete in the coming days after bondholders signaled they would accept government demands for a bigger cut in their debt holdings.
Efforts to hold the 17-nation euro area together with bolstered fiscal rules and a stronger firewall are colliding with stalled progress in Greece, where the crisis began in 2009. To prevent a financial collapse, Greek bondholders have been pushed to cede more ground after agreeing in October to take a 50 percent cut in the face value of more than 200 billion euros of debt.
The fact were still at the beginning of 2012 talking about Greece is a sign this problem hasnt been dealt with, U.K. Chancellor of the Exchequer George Osborne said at the World Economic Forum in Davos, Switzerland.
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