October 25, 2011
European leaders remain split on parts of the package to stem the region's debt crisis, raising concerns that a final agreement won't be reached at Wednesday's summit.
Governments and banks have been talking for more than a week in an effort to reach an accord on reducing Greece's debt burden, so that the agreement can be included in a planned "comprehensive package" that euro-zone leaders hope to announce at a summit Wednesday in Brussels.
Banks on Tuesday were rebuffing pressure from governments for "voluntary" write-downs of 50% to 60% on their Greek bonds, according to people familiar with the matter, although some said there had been movement that suggested a compromise in time for the summit couldn't be ruled out.
Without an agreement on how Greece's debt will be restructured, it will be tough for the leaders to announce the future size of their beefed-up bailout fund, the European Financial Stability Facility.
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