EUR Surging On Draft EU Proposal Which Sees "Marshall Plan" For Greece

Submitted by Tyler Durden
07/21/2011 08:18 -0400
118 comments

Headlines out of Reuters:

• Draft EU summit conclusions call for "Marshall plan" of investment, growth stimulation for Greek economy

• Collateral will be part of new Greek aid deal according to Eurozone draft

• Draft EU summit conclusions says three options for private sector role in second Greek bailout remain on the table; debt buyback, rollover and swap

• Draft EU summit conclusions says EFSF will be able to recapitalise financial institutions through loans to governments,including non-programme nations

• Cost of recapitalising Greek banks estimated to be total of EUR 25bln according to Eurozone document

• Draft EU summit conclusions see rate of around 3.5% on new EFSF loan for Greece

• Draft EU summit conclusions says EFSF will be able to intervene in a precautionary basis

• Draft EU summit conclusions see extension of EFSF loans from 7.5 years to at least 15 years, according to a Eurozone document

The Rubicon has now been crossed: Europe goes all or nothing on Greece. When this latest bluff fails it is all over.

http://www.zerohedge.com/article/eur-su ... lan-greece