- 50% haircuts on private holdings of Greek bonds through 2020. Evidently this will still be voluntary. It would cut Greece's debt by €100 billion ($1.39 billion). German Chancellor Angela Merkel said EU leaders aim to see the credit swap take place in January.
- Leverage will increase the firepower of the European Financial Stability Facility by 4-5 times, to somewhere in the range of €1 trillion ($1.4 trillion).
- China and the IMF could play a huge role in the bailout. Not only has the IMF expressed interest in playing a role, French President Nicolas Sarkozy told reporters that he will call Chinese Premier Hu Jintao around midday tomorrow, presumably to discuss this.
- Greece will receive €130 billion ($180 billion) in fresh aid. We're thinking this includes the nearly €110 billion ($150 billion) it was promised back in July.
- EU leaders believe Italy's commitment to debt sustainability and encouraging growth, even though Italian PM Silvio Berlusconi didn't propose any new measures to accomplish these goals in a letter he wrote to some members of the summit today.
- The European Banking Authority estimates that only €106 billion ($147 billion) in funding will be needed to recapitalize European banks and help them meet capital requirements of 9%. Turns out it didn't actually conduct new stress tests accounting for adverse scenarios this time around. European Council President Herman van Rompuy told reporters that banks must reach this 9% ratio with only the "highest quality capital." We're hoping he means Tier 1 capital and will not allow banks to use riskier convertible bonds to meet this number.
- We aren't likely to see a final roadmap on EU treaty changes until March 2012.
Quelle: Business InsiderDas offizielle Dokument zum EU-Gipfel gibt es hier.
