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Published on Oct 27, 2011
European banks have agreed to write off 50% of the debt owed to them by Greece. It was decided during an emergency summit in Brussels, where EU leaders made, what many believe, was the final attempt to save the Eurozone. The settlement was reportedly a close-run thing, with the bank lobby holding out until German Chancellor Angela Merkel threatened letting Greece default. The EU also promises to loan Athens another 100-billion euros, while the ballooning bailout fund is in line to expand to a trillion euros. Now the task is to put it all into action. And Johan Van Overtveldt, who runs two of Belgium's leading business magazines, believes what's been achieved simply lacks any sort of punch.