European leaders tried to reach accordance on a plan for this economy crisis, debt crisis, at their second summit meeting, because their debt-relief plan was not talked in detailed. One provision of the plan that how much banks hold Greek debt was hard to resolve. European leaders require the banks to get about a 60 percent loss on the securities, though the banks offer much less. They attempt to settle a two-years-long debt crisis that has made market worry of Greek could default on its obligations and spread of the debt contagion to bigger European economies in Italy and Spain. Drafts of the plan request European banks to forgive billions dollars of Greek debt and to increase their own reserves about $150 billion. Also, the size of the continent’s bailout fund would be boosted to assist other debt-ridden countries.

I think it is going to be helpful for European debt crisis to relief debt-ridden countries if they reach an agreement. However, it seems very hard to get agreement on the plan to assist them.  For example, France said that Europe Central Bank (ECB) has to play significant roll to go through this crisis, but Germany thinks that ECB does not participate this situation. Moreover, Germany has an opinion that loss percentage of Greek bond holder goes up to maximum 50 percentages. On the other side, France that has large amount of Greek bond wants to keep loss percentage as 21 percentages which was set in July. I look forward to hearing good news soon.

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