The members of the European Union) (EU) have agreed on a broadly based new plan to halt the further deterioration of the financial system in the Eurozone. The plan has many of the elements reported as recently as yesterday by GEI News, including a doubling of the EU/IMF (International Monetary Fund) rescue infusion with an additional €109 billion, contributions from private sector bondholders and authorization of the EFSF (European Financial Stability Facility) to buy bonds in the secondary market if the ECB deems that necessary to maintain market stability. more »

Last week the French (banks and government) proposed a roll-over of Greek debt into new bonds, some with maturities as long as 30 years. By Thursday German lenders, insurers and government agreed to join the plan, which would cover debts falling due from now until the end of 2014. But now Standard & Poors has thrown some sand in the gears that started turning just a few days ago. more »