Mises Daily
Author:
Frank Shostak
Online Publish Date:
Last Thursday, October 27, European leaders secured an agreement from eurozone banks to take a 50 percent loss on the face value of their Greek debt. The leaders also set in place a plan to force banks to raise new capital to insulate them from potential sovereign-debt defaults. The banks must meet 9 percent capital reserves by June 30, 2012. It