European Union leaders announced an agreement early Thursday in Brussels on debt crisis measures including a hard-fought deal with private sector investors to write down Greek bonds by 50%.
The agreement came at the end of marathon talks to finalize details of a comprehensive policy response to the government debt crisis threatening the stability of the euro currency and global economy.
French President Nicolas Sarkozy said Greek bondholders voluntarily agreed to write down the value of Greek bonds by 50%, which translates to 100 billion euros and will reduce the nation's debt load to 120% from 150%.
Sarkozy said the leaders agreed to boost the firepower of the EU bailout fund, known as the European Financial Stability Facility, "by four or five fold." He added that officials have negotiated additional funding from the International Monetary Fund.
The writedowns were one of three inter-related problems political l eaders must solve to devise a comprehensive solution to Europe's debt crisis. They must also determine how to leverage a government-backed bailout fund and stabilize the banking sector.
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