Sunday, May. 20, 2012 |
Eurozone rescue plan 'emerging' as IMF and Greece talk
Page last updated at 04:01 GMT, Monday, September 26, 2011 - 09:01 EST
BBC:
The plan agreed by leaders reportedly envisages a "haircut", or writedown, of Greece's sovereign debt
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The outline of a large and ambitious eurozone rescue plan is taking shape, reports from the International Monetary Fund (IMF) in Washington suggest.
It is expected to involve a 50% write-down of Greece's massive government debt, the BBC's business editor Robert Peston says.
The plan also envisages an increase in the size of the eurozone bailout fund to 2 trillion euros (£1.7tn; $2.7tn).
European governments hope to have the plan in place in five to six weeks.
Turning the present outline into a practical reality will be immensely difficult, our editor says.
But he adds that the price of failure could be a financial crisis that would probably turn anaemic growth into a recession or worse.
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