Europe aims to ramp up rescue fund, plots Greek writedown

October 26, 2011 23:06

BRUSSELS - Europe's leaders intend to multiply their rescue fund fourfold to one trillion euros and press Greece's creditors to accept losses of over 50 percent on their bondholdings, but the details of their plan to end the debt crisis are still not fully formed.

A draft statement from an emergency euro zone summit on Wednesday, obtained by Reuters, outlined two options to leverage the 440 billion euro ($600 billion) fund designed to shore up heavily indebted states and thwart market attacks.

If the draft is adopted with little change, the second summit in four days will have sketched broad intentions but failed to produce a detailed master plan to scale up the fund, recapitalize banks and reduce Greek debt to a sustainable level.

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