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BBC: Leaders agree eurozone debt deal

After marathon late-night talks, European leaders agreed on a "three-pronged" debt deal to prevent the economic crisis in the region spreading further, according to the BBC website. The strategy includes a mechanism to boost the main bailout fund to around $1.4 trillion. 

Source:
Date:
Updated:
BBC NEWS Europe
Thursday, October 27, 2011
Thursday, October 27, 2011

BBC.CO.UK
Oct. 27/11 (BBC) — They said banks holding Greek debt accepted a 50% loss, the eurozone bailout fund will be boosted and banks will have to raise more capital.

Shares on European markets rose sharply on news of the deal.

The agreement is aimed at preventing the crisis spreading to larger eurozone economies like Italy, but the leaders said work still needed to be done.

After marathon talks in Brussels, they agreed a mechanism to boost the eurozone’s main bailout fund to about 1tn euros (£880bn; $1.4tn).

Banks must also raise more capital to protect them against losses resulting from any future government defaults.

BBC business editor Robert Peston says it is perfectly clear that EU leaders have bought some time, and for a few weeks and maybe longer the markets will give them the benefit of the doubt.

The framework for the new fund is to be put in place in November.

Meanwhile EU leaders welcomed Italian Prime Minister Silvio Berlusconi’s pledge to balance his country’s budgets and implement reforms to bring down its 1.9tn-euro debt.

Correspondents say Mr Berlusconi had been under huge pressure to prove he was serious about austerity measures.

This is an excerpt from BBC NEWS Europe as it appeared on October 27, 2011. For updates or to read the current version of this post in its entirety, please click here.

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The International Monetary Fund's (IMF) Regional Economic Outlook presented earlier this week in Nassau is a key source of data for determining fiscal policy, according to a senior government official. The IMF predicts The Bahamas will have a moderate two per cent economic growth this year and 2.5 per cent in 2012.

A new general manager and hotel manager have joined the staff at the Sheraton Nassau hotel and resort. The appointments come ahead of the hotel's repositioning as part of the Baha Mar development.

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