Calculated Risk: Europe: Clock is ticking, Officials try to ratchet back expectations

Europe: Clock is ticking, Officials try to ratchet back expectations

by CalculatedRisk on 10/16/2011 04:52:00 PM

From the WSJ: Europe Faces More Hurdles on Aid Plan

European leaders have primed investors to expect a sweeping euro-zone rescue plan to be unveiled within a week. But several hurdles remain, among them the details of a new Greek bailout, and clearing them could take weeks, not days. The result could be a plan broad in ambition but short on specifics.

…

The plan will have three pillars: a call for higher capital levels for banks, a beefing up of the euro zone’s bailout fund, and a new package of aid for foundering Greece. The latter is proving particularly difficult.

Olli Rehn, the European Union’s economy commissioner, said Saturday that he expects euro-zone leaders on Oct. 23 to “decide on the key principles and parameters” of the second Greek bailout, but that “technical finalization of the program will take place in the course of the subsequent weeks.”

via Calculated Risk: Europe: Clock is ticking, Officials try to ratchet back expectations.