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Europe’s Leaders Race to Tackle Crisis

Spanish, Italian bonds rally on speculation that policy makers will act.

By James G. Neuger, Bloomberg | Updated on August 05, 2011

European leaders hunted for solutions to the debt crisis, helping Italy and Spain gain a respite from the market turbulence after the resumption of the European Central Bank’s bond-buying program.

With global stock markets sinking for an eighth day, German Chancellor Angela Merkel and French President Nicolas Sarkozy plan to speak by phone later today, their offices said. The European Commission called for an expansion of the European Financial Stability Facility, the 440 billion-euro ($623 billion) rescue fund, earning a rebuke from Germany.

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