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Eurozone Debt Crisis: European Leaders Reach Agreement Over Greek Debt

Posted by Ram Kumar Shrestha on October 27, 2011


 
One step (agreement­) to sort out the Euro debt crisis appeared, however; another and more important step (implement­ation of the agreement) to be faced:

European leaders have reached a three-pronged agreement to resolve the eurozone debt crisis, including a deal that will halve Greek debt.

World stocks and the euro rose to their highest levels in nearly two months after the announcement of the deal on Thursday morning.

Banks were major gainers as European stock markets rose to hit three month highs on Thursday. The Dow Jones Stoxx Banks index, which aggregates the performance of European banks, was up nearly 5% in early trade. The German Dax and French CAC40 rose by 3.8% and 3.6% respectively.

Athens will also receive another bailout of around €100bn, scheduled to be released in early 2012, while the overall bailout fund will be increased to €1tn (£872bn).

Read the Article at HuffingtonPost

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