gemi10689
Joined: 16 Sep 2011
Posts: 75
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 Posted: Mon Sep 26, 2011 6:00 pm Post subject: However, on Monday evening AFP reported that German Fi |
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European bank shares have risen as investors react to the latest attempts to stabilise the eurozone debt crisis.
A number of measures are being discussed according to reports from the weekend's international meeting in Washington.
They are expected to involve a 50% write-down of Greece's massive government debt, the BBC's business editor Robert Peston says.
French and German bank shares were up 10% at one stage in Monday trading.
European governments hope to have measures agreed in five to six weeks, in time for a meeting of the leaders of the G20 group in Cannes at the beginning of November.
But EU officials in Brussels stress that they should not be seen as "a single grand plan", the BBC's correspondent Chris Morris says.
The measures being discussed are:
Institutions that have lent money to Athens writing off about 50% of the money they are owed
The size of the eurozone bailout fund, the European Financial Stability Facility (EFSF), increasing dramatically to 2 trillion euros (£1.7tn; $2.7tn)
Strengthening big European banks that could be hit by any defaults on national debt obligations.
However, on Monday evening AFP reported that German Finance Minister Wolfgang Schaeuble had told television news channel NTV that there was no plan to boost the size of the EFSF.
"We are giving it the tools so it can work if necessary," Mr Schaeuble was reported as saying.
"Then we will use it effectively but we do not have the intention of boosting its volume."
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