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Euro Rescue Plan Takes Shape

Elements include higher bank capital, increased firepower for bailouts.

By Simon Kennedy and Mark Deen, Bloomberg | Updated on October 14, 2011

European officials are outlining a rescue plan that may include deeper investor losses on Greek bonds, higher bank capital levels and increased firepower for bailouts and the International Monetary Fund.

The plan’s elements emerged as finance ministers and central bankers from the Group of 20 began talks in Paris, seeking ways to end Europe’s two-year sovereign debt crisis. Underscoring the need for action, Standard & Poor’s yesterday cut Spain’s credit rating for the third time in three years and new data showed the eight largest U.S. money-market funds almost halved their lending to French banks last month.

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