Eurozone summit results, devil lies in details

Xinhua, China Daily, 28.10.2011

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European Union (EU) leaders claimed they had hammered out a comprehensive package to deal with the ongoing debt crisis, but analysts suspect many details remain to be settled. […]

The decision to increase private sector involvement in an attempt to reduce the Greek debt presents potential risks. The private sector that invested in the country is made up by banks, insurance companies and pension funds.

If financial institutions accept a big haircut, they "will most likely be obliged to ask for state assistance, which will place further strain on the country's deficit," said Janis A. Emmanouilidis, senior policy analyst at the EPC. [...]

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