After overnight negotiations, euro-zone leaders finalised on 27th to the European debt crisis package, the tricky Greece debt writedowns as debt holders Bank accepted, write down their ratio as high as 50%, equivalent to Greece “debt reduction” or “injection” of 100 billion euros (about us $ 139 billion).

　　Greece George Papandreou, the Prime Minister said that Greece and even in Europe opened a new page, “Let us hope that the worst days of the past”.

　　Difficult compromise

　　Day package including raising the Bank’s core capital ratio, the enlargement of the European financial stability facility scale of aid, strengthen financial supervision and the Greece debt write-downs.

　　However, consultations with private sector investors Greece debt writedown wasn’t working very well. Year July, eurozone made writedowns amount to 21% to further writedowns, private investors earlier acceptable maximum 40%, is below eurozone leaders 50%.

　　Reuters, Germany Chancellor Angela Merkel and France President Nicolas Sarkozy’s and the International Association of financial executives, Greece chaersi·dalala directly after meeting bond investors in the private sector representative, at one point close to a breakdown in discussions between the two sides.

　　Merkel threatened, if the ratio of 50% could not be agreed, the eurozone will let Greece defaults. AFP Merkel was quoted as reporting: “we said, this is our final decision, the final proposal sth We do all need to do. ”

　　Eventually, after nearly 10 hours of marathon negotiations, 50% written down ratio acceptable to the Bank. Euro package to be finalised.

　　Boost euro

　　Following the above written down programmes, Greece debt from the previous 350 billion euros ($ 486.4 billion) cuts of 100 billion euros (US $ 139 billion), Greece debt to GDP ratio fell sharply.

　　According to the package, Greece debt to GDP ratio from the current 160%, down to per cent in 2020. To achieve this goal, Greece needs to bond investors reached swap agreements and the private sector, euro-zone countries will provide 30 billion euros (US $ 41.7 billion) bond, supporting bond swaps between the two sides.

　　In addition, eurozone leaders also agreed that the next 3 years and then to Greece 100 billion euros (US $ 139 billion) bailout.

　　The agreement will replace the eurozone leaders agreed in July this year, Greece writedowns on bonds 21%, euro-zone countries and provides again 109 billion euros (US $ 151.5 billion) bailout.

　　Greece debt writedown, package, market responsive, euro exchange rate against the dollar quickly rose. France and Germany stocks ushered in the “good start”, the two minutes are up more than 3% stock indexes opened.

　　Multi-welcome

　　Permanent President of the European Council Herman van rompuy on 27th declared: “we make important decisions. ”

　　France President Nicolas Sarkozy on 27th told reporters: “we reached an agreement which would allow us to Greece made credible, great comprehensive response to the crisis. Because of the complexity of these critical issues, we spent the whole night. However, the result was relieved by global. ”

　　Greece, Prime Minister George Papandreou welcomed package reached by the Summit. “We can say, this is Greece the new day, and not just Greece, or to all of Europe. Let us hope that the worst days of the past. ”

　　Greece bonds representatives of private sector investors, Director of International Finance Association Dallara also said in a statement, expressing welcome for the new programmes in the euro zone.

　　However, Jean – Claude Trichet, the ECB warned that new scheme agreed upon is not easy, implementation of these outcomes “need a lot of work, lots of speedy work”.

　　Russia has also expressed similar views. President Dmitry Medvedev’s economic adviser, aerkaji·dewoerkeweiqi believe that should remain “cautiously optimistic”. (Xinhua, Chen Lixi)