EU and euro zone leaders' comments on debt crisis

Wed Oct 26, 2011 11:40pm EDT
 
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BRUSSELS (Reuters) - Euro zone leaders said on Thursday they had reached agreement on a comprehensive package of measures to tackle the euro zone's sovereign debt crisis.

The leaders said private holders of Greek debt would accept a 50 percent writedown on their holdings as part of a scheme to reduce the country's debt burden.

And the euro zone heads of state and government also agreed on the need to recapitalize European banks and to increase the firepower of the euro zone bailout fund, the EFSF, to about one trillion euros.

Following are comments from leaders after the talks:

GERMAN CHANCELLOR ANGELA MERKEL

ON GREEK DEBT:

"Our goal is that the debt of Greece by 2020 is 120 percent (of GDP)."

"A nominal haircut of 50 percent has been agreed. On the basis of this, we will have a new program for Greece with a value of 100 billion euros."

"There will be a reinforced monitoring regime in connection with the fulfillment of the Greek obligations."   Continued...