Friday, October 28, 2011

Eurozone strikes debt deal

European leaders have reached an agreement on the debt crisis sweeping across many countries of the continent in an emergency summit held in Brussels.

But there are many questions on how the debt deal will be implemented, which calls for capitalisation of banks, write-off by private bond-holders of Greek debt and leverage of European rescue fund to $1.4 trillion.

There are lots of details which Europe's leaders have not yet addressed like how the banks will raise all the extra money, and will the rescue fund really work? The leaders have brought themselves time; a significant achievement, but not the end of the story.

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