A debt write-down for Greece, bank recapitalization, and leverage for the European Financial Stability Fund (EFSF) are all included in a raft of measures Europe is considering as it prepares to tackle the debt crisis. The proposals are the result of a three-day marathon of European Union talks, the likes of which Brussels had never seen before.
The measures are not only about managing sovereign debt and shoring up the financial sector. They could also decide European Union's long-term fate, which is why policymakers are under pressure to unveil something special when they present their official proposal for adoption at the next summit on Wednesday.
Michael Hüther, the head of the Cologne Institute of Economic Research, said an end to the eurozone crisis could be in sight - as long as Europe honors the suggestions put on the table on Sunday.
For more: Another EU summit: A step in the right direction? | Business | Deutsche Welle | 25.10.2011
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