(BBC) Leaders Agree on Eurozone debt deal after late-night talks

Posted on October 27, 2011 by Kendall Harmon

European leaders have reached a “three-pronged” agreement described as vital to solve the region’s huge debt crisis.

They said banks holding Greek debt accepted a 50% loss, the eurozone bailout fund will be boosted and banks will have to raise more capital.

Shares on European markets rose sharply on news of the deal.

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