Euro Bail Out Act II

Rick Moran
Economic heavyweights France and Germany have agreed to load up the EU bail out fund with up to two trillion euros in order to deal with the sovereign debt crisis and bank recapitalization. Guardian: France and Germany have reached agreement to boost the eurozone's rescue fund to €2tn (£1.75tn) as part of a "comprehensive plan" to resolve the sovereign debt crisis, which this weekend's summit should endorse, EU diplomats said. The growing confidence that a deal can be struck at this Sunday's crisis summit came amid signs of market pressure on France following the warning by the ratings agency Moody's that it might review the country's coveted AAA rating because of the cost of bailing out its banks and other members of the eurozone. The leaders of France and Germany hope to agree a deal that will assuage market uncertainties or, worse, volatility, in the run-up to the G20 summit in Cannes early next month. France would now have to pay more than a percentage point - 114 basis points...(Read Full Post)

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