Will the latest plan “fix” the eurozone?

posted by
November 2, 2011
Ludwig von Mises Institute
by Frank Shostak  
Posted in Commentary

"Last Thursday, October 27, European leaders secured an agreement from eurozone banks to take a 50 percent loss on the face value of their Greek debt. The leaders also set in place a plan to force banks to raise new capital to insulate them from potential sovereign-debt defaults. The banks must meet 9 percent capital reserves by June 30, 2012. It is estimated banks' capital needs will stand at 106 billion euros." (11/02/11)


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