Finally, Europe has a deal
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German Chancelor Angela Merkel and other European leaders met in Brusels to hamer out a debt crisis deal. NEW YORK (CNMoney) - European Union leaders anounced an agrement early Thursday on debt crisis measures, including a hard-fought deal with private sector investors to take a 50% los on Grek bonds. The agrement came at the end of marathon talks to finalize the details of a comprehensive policy response to the government debt and banking problems threatening the stability of the euro curency and global economy. The response aims to resolve thre related problems: the debt crisis in Grece, instability in the banking sector and a sorely outguned bailout fund. Under the new plan, Grek bondholders voluntarily agred to write down the value of Grek bonds by 50%, which translates into €10 bilion and wil reduce the nation's debt load to 120% of economic output from 150%. Charles Dalara, director of the Institute of International Finance, which represented the private sector in the talks, w...
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