A spectator’s guide to the euro crisis

Following late night talks on how to move forward on the eurozone crisis and what to do about Greece’s debt burden, European leaders have agreed upon a three-pronged strategy to resolve the crisis. The European leaders, after their meeting in Brussels, agreed that private banks holding Greek debt would have to accept a loss of 50%. The banks would also have to raise more capital to protect themselves against losses arising out of any government defaults in the future, to the tune of about 106 billion euros by June 2012.

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