BBC News
October 12, 2011
The president of the European Commission has confirmed an intention to negotiate a bolder solution to the eurozone's financial crisis over the coming fortnight.
Jose Manuel Barroso's three main pillars of such a rescue are, however, much as anticipated.
There would be what he called a "decisive solution" to Greece's inability to repay its public sector debts - which implies that there will be a writedown of Greek government debt greater than the 21% currently agreed.
But he has also reiterated, which may seem naive to some of the EU's creditors, that no other eurozone member would be permitted to reduce the value of what they owe.
There would be greater "firepower" for the EU's bailout fund, the European Financial Stability Facility (EFSF), than its planned 440bn euros - although it is not clear how this firepower would be acquired.
And there should be a strengthening of banks - based on tests of how much the banks would lose if a number of eurozone member states with excessive debts are unable to repay all they owe.
Mr Barroso explained why he now accepts the time for half-measures has passed.
He said: "For confidence to return, we need to fix the sovereign debt problem, which can only be done through a coherent package. And we must therefore urgently strengthen the banks, because in fact, those two issues - the sovereign contagion and the banks - are now, whether we like it or not, linked".
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