Brussels (AP)-the European leaders won the trading day (Thursday), they hope will commemorate their debt crisis for a period of two years of a turning point, the night after tense negotiations agreed to allow the bank to take the Greek debt a bigger loss, and to improve the region weapons market turbulence.
After months of delay and rawness solutions, leaders have been under great pressure to complete their projects, from push, in order to prevent the crisis of European and many developed countries in a recession, and protect the monetary union split.
The euro soared comprehensive plan of $news-a early signs, investors may be welcome.
French President nicolas sarkozy told reporters: "we have reached a deal, and I believe that this let us give a reliable and ambitious and overall Greek crisis response," reporters after the meeting broke Thursday morning. "Because of the complexity of the issues at stake, and we spent a whole night, but the result will be a huge comfort global sources."
The strategy of 10 hours after the publication is expected to weeks of three click of the negotiations. These include the Greek debt significantly less, a mainland bank support up, part so that they can maintain the Greek bonds loss, and strengthen the rescue fund, so it can be used as a euro1 1 trillion ($1.39 trillion) of the firewall services, in order to prevent more like Italy and Spain economy from being dragged into crisis.
After DuoCi missed chances, plan of the euro area's hash success, but the availability of this strategy will depend on details, will be in the next few days and a few weeks to complete.
"The sound of 1 trillion euros will do tricks," wow "of the market, or will the market as mystifying?" Heather-KangLi, the European project of the center for strategic and international studies, the director of the plan released before the requirements. "If in the past two years has taught us anything, it never appear is enough."
The most difficult a jigsaw puzzle is proved to be Greece, its debt, leaders promise, will decline to 2020 120% of GDP. In the present condition, and they will be shot up to 180%.
In order to reduce, private creditors will be asked to take 50% of the loss, the bonds they hold. International finance institute, was representing the negotiating bank, said in a statement that it is committed to an agreement, and based on this, "haircut", but now face the challenge will be to ensure that all private bondholders down line.
It said, cut 50%, equal to euro100 $($13.9 billion) contribution, for the Greek second relief, although the eurozone promise to spend money on new bonds that the surplus value some euro30 one hundred million yuan (us $42 billion).
The plan is expected to be completed in early December, investors should exchange January their bonds, but at this time of Greece is likely to be among the first ever OuYuanGuo in by default, the debt of the rating.
Greece's prime minister PaPanDeLiOu, the cause of the crisis two years ago the troubles of the state, said: "we can say, a new day, Greece, not only for Europe to Greece. "We hope that the worst of times have in the past."
Since May 2010, Greece has been worth euro110 one hundred million yuan (us $150 billion) from 17 countries using the euro and the international monetary fund (IMF), because it could not bear directly on the market borrowed money from the rescue loans to survive.
In July, the creditors agreed to extend the euro109 $but the program is widely thought to do enough rights of the financial and Greece weaning translation assistance.
Now, in addition to euro30 $bond guarantee, the eurozone leaders and the international monetary fund said, they will give the Greek euro100 $in new loans.
Banks are required to take more burden, however, some worry about, they need more money in YinYuTian funds, in order to reduce their losses. Therefore, European leaders, asking them to improve the June euro106 $($14.8 billion).
In the complexity of the plan is the final piece of the African continent aid fund, to increase power, to ensure that other countries such as Italy and Spain-not to tow into crisis. The third and the fourth largest economies in the euro area is too big, to break out of the trouble.
Therefore, the euro440 $($610 to $a material) the European financial stability fund will be used to ensure that like Italy and Spain shaking the debts of the eurozone countries on the part of the potential losses, around euro1 1 trillion ($1.39 trillion) to provide the equivalent of fire.
This should make these countries more attractive investment bond effect, so as to reduce the government's borrowing costs.
"These are in special situations of special measures, President of the European commission jose Manuel barroso said," Europe must always did not find in this case, again in after the meeting.
EFSF insurance plan in addition to issue bonds as the direct insurance company, should also be to attract large institutional investors, promote special funds, can be used to buy government bonds, but also help countries to adjust capital structure weak Banks.
This kind of outside help, may be necessary Italian and Spanish Banks face some of the biggest capital shortage.
The euro area using insurance commitment, also hope to attract large institutions from the euro area outside investors, such as sovereign wealth fund, a separate fund, will backup EFSF to contribute.
Mr Sarkozy is because Chinese President hu jintao speech late Thursday. Last Friday, EFSF krauss ray of green will travel to China, one of the huge cash reserves, details set insurance.




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