Bloomberg News

EU Summit to Leave Details to Finance Ministers, Official Says

October 25, 2011

Oct. 25 (Bloomberg) -- European Union leaders will leave finance ministers to work out the technical details of a debt crisis strategy to be agreed on at a summit tomorrow, an EU official said.

European leaders will meet in Brussels to reach agreement on a package of measures to bolster the euro-area rescue fund, recapitalize banks and define the size of bondholder writedowns on Greek debt. A meeting of EU finance ministers planned for tomorrow before the leaders’ summit was canceled today.

More technical work needs to be done on the elements of the package, particularly on the rescue fund, the European Financial Stability Facility, and the writedowns for bondholders, the official said on condition of anonymity because the discussions are private. After an agreement in principle is reached by the leaders, the technical details will be completed by the finance minister, the official said.

Leaders of the 27 EU nations will meet at 6 p.m. in Brussels, followed by a summit of the 17 heads of euro-area countries at 7:15 p.m.

To contact the reporter on this story: Jim Brunsden in Brussels at jbrunsden@bloomberg.net

To contact the editor responsible for this story: Jones Hayden at jhayden1@bloomberg.net


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