Class 18 Review, Europe increases Stability Fund

Class 18 Review, Europe increases Stability Fund - NYT...

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10-26-2011 NYT Europe Agrees on Plan to Inject Capital Into Banks By STEVEN ERLANGER and RACHEL DONADIO BRUSSELS — European leaders agreed Wednesday on a plan to inject new capital into the continent’s banks to insulate them against potential sovereign debt defaults, but disagreements over new financial aid to Greece threatened to derail efforts to devise a comprehensive solution to the two-year-old euro zone debt crisis . The head of an influential group representing private sector creditors released a statement saying that negotiations were stalled over the size of the loss, or “haircut,” investors will be asked to absorb on Greek debt, which economists agree is beyond the country’s ability to repay. Most plans under consideration called for write downs in the range of 50 percent, a leap from the 21 percent previously agreed upon. “There has been no agreement on any Greek deal or a specific ‘haircut,’ said Charles Dallara, the lead negotiator for the Institute for International Finance. “We remain open to a dialogue in
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