16 Oct '11, 3am

Drowning in debt, EU hits moment of truth

BRUSSELS: Nearly two years in, Europe's leaders bid to draw a line under the debt crisis this week and deliver a "lasting" solution to ring-fence their money and prevent EU disintegration. The stakes are high, in the run-up to marathon Brussels talks amid global pressure to end in-fighting and avert the "scary" future US President Barack Obama fears otherwise awaits us all. But Europe remains steadfast. "The results of the October 23 summit will be decisive," insisted French Finance Minister Francois Baroin after chairing weekend talks with G20 counterparts in Paris. In a nutshell, the European Union must: -- micro-manage how much Greece can default on its massive loans, striking a delicate balance between debt write-downs that reflect actual market values, and perceived bankruptcy; -- plug the consequent hole in banks' balance sheets, a job the International Monetary Fund...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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