New York Times
September 26, 2011
Wedged between impatient financial markets and restive voters, European political leaders struggled on Monday to formulate a bolder response to the sovereign debt crisis, including possibly expanding the firepower of the euro zone’s bailout fund.
European officials said a plan was in the works that would enlarge the bailout fund’s borrowing power but not the amount that countries were contributing. The proposal was met guardedly by German officials, who are already struggling to swing public opinion in favor of the more modest aid plan they agreed to in July, let alone any new initiatives.
As finance ministers and central bankers trickled back to Europe from meetings in Washington over the weekend, markets were clearly eager for a plan that would isolate Greece’s problems from the rest of the Continent and ensure that Italy and Spain did not also fall victim to the debt crisis.
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