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Markets on a roller-coaster ride but hopes raised as Eurozone bailout plan for Greece edges nearer
Alex Brummer, James Chapman and James White
September 26, 2011
Stock markets have endured another roller-coaster day as brokers digest details of a rescue plan for the Eurozone being drawn up by finance ministers – and there are signs that the markets are improving.
Reports from the weekend suggested a £2.6trillion plan was being drawn up to allow Greece to escape repayment on half of its towering debt and to quadruple the size of Europe’s bailout fund.
The International Monetary Fund (IMF) has been co-ordinating talks with leaders in Washington and has reportedly drawn up a plan aimed at providing a way for Greece to manage a default on its debt, which now stand at 160 per cent of its GDP.
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