EU Sets 50% Greek Writedown, $1.4T in Rescue Fund
European leaders have come to an agreement on how to deal with the sovereign debt crisis that is effecting the Eurozone. Banks will take a loss of 50% on their Greek government debt while the European Financial Stability Facility, the EU bailout fund, will now be funded to the tune of $1.4 trillion. Italy has also agreed to reduce its debt levels while the role of the International Monetary Fund while be expanded.