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EU Nixes ECB Aid to Rescue Fund

European leaders hit halfway mark in marathon to end debt crisis.

By James G. Neuger and Tony Czuczka, Bloomberg | Updated on October 24, 2011

European leaders reached the halfway mark of their marathon to end the debt crisis, outlining plans to aid banks and ruling out tapping the European Central Bank’s balance sheet to boost the region’s rescue fund.

Stocks advanced and the euro rose after Europe’s 13th crisis-management summit in 21 months, which also explored how to strengthen the International Monetary Fund’s role. The leaders excluded a forced restructuring of Greek debt, sticking with the tactic of enticing bondholders to accept losses to help restore the country’s finances. China said today that it had “faith” in the European Union’s ability to tackle the crisis.

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