Germany And France Denied That They Agreed To Expand EFSF To 2 Trillion Euros.
Official sources familiar with the negotiation process said that France and Germany had agreed to stabilize European finance.
fund
(EFSF) the report that the scale expanded to 2 trillion euros was "totally wrong".
The source told Dow Jones reporters about assistance.
scale
The debate is still ongoing and may last until the end of the week.
Earlier, the Guardian reported that France and Germany had already reached an agreement to expand the existing EFSF of 440 billion euros.
At the same time, eurozone officials and the first European aid were offered.
fund
18 of the leveraged experts said the euro zone leaders are expected to agree on the leveraging of the European aid fund at the summit meeting in October 23rd, allowing the European financial stability fund to provide partial guarantees for the newly issued eurozone bonds.
According to the plan, the European financial stability fund will promise investors to buy Spain, Italy or other high risk euro zone sovereign bonds at auction, which will bear a certain proportion of losses once the countries default.
A eurozone official said, "this idea is the main topic of discussion."
However, he added that his plan was also designed to maximize EFSF's firepower.
The market thinks that the current scale of EFSF may not be enough to cope with the worsening crisis.
For example, by providing guarantees for the first 20% to 30% of any sovereign debt loss, EFSF's effective capacity may expand three to five times.
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