Europe Update: Eight Days to Save Europe

 

The next key dates are Sunday, October 23rd, and the Germany / France deadline of November 4th.
The post title comes from this Financial Times article: G20 tells eurozone to tackle debt crisis

Despite a continued lack of agreement on key elements, the eurozone committed to finalise the details of ‘a comprehensive plan’ to recapitalise its banks, resolve the Greek debt crisis and add firepower to its funds to minimise contagion in time for a European summit in just eight days.

From Bloomberg: Rehn Says EU Close to Reaching Agreement on Recapitalization

European Union Economic and Monetary Affairs Commissioner Olli Rehn said member states are set to agree on a “very serious plan” to recapitalize the region’s lenders ...
“I expect that in the coming days, we’ll have more clarity on this,” Rehn told Bloomberg Television after a meeting of finance ministers and central bank governors from the Group of 20 nations in Paris yesterday. “Member states and banks need to have very clear plans to put recapitalization in place as swiftly as possible.”
...
There’s now a “strong sense of urgency” among leaders, Rehn said. “The EU is acting very hard in order to put together a comprehensive strategy to overcome the sovereign debt crisis and banking-sector fragilities, which are severely intertwined.”

From Bloomberg: G-20 Said to Consider List of 50 Systemically Important Banks

Group of 20 governments are considering naming as many as 50 banks as systemically important to the global economy and in need of extra capital, two officials from G-20 nations said.
The list, drawn up by Financial Stability Board Chairman Mario Draghi, will be published in time for a G-20 leaders meeting in Cannes, France, on Nov. 3-4, said the officials ... Regulators have said the banks named will be forced to take on more capital.

Sunday will be the new Monday again on Oct 23rd.
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