Europe's Three-Point Debt Salvation Plan Sets Bulls Free, Dow Up 300

Wall Street got a huge pop Thursday, after a Brussels meeting of European leaders that went well into the wee hours generated a new plan that remains less-than-complete but at least signals the appetite among the region’s leadership to deal with the crisis.

Under the three-pronged approach, banks invested in Greek debt have agreed to a 50% haircut on their bond holdings, considerably higher than the 21% previously discussed and enough, European Council President Herman Van Rompuy said, to cut the country’s debt load to 120% of gross domestic product by 2020.

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- Posted: 2011-10-27 11:41:49

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