Group of 20 finance chiefs are pressing Europe’s leaders to deliver within the next few days a comprehensive plan that stamps out the region’s sovereign debt turmoil, according to an official from a G-20 nation.
European officials are considering writedowns of as much as 50 percent on Greek bonds, a backstop for banks and continued central bank bond purchases as key planks in a revamped strategy to combat the debt crisis, people familiar with the discussions said.
Royal Bank of Scotland Group Plc is canceling Christmas for its investment bankers this year as the government-owned lender tries to reduce costs.
“Cascading default, bank runs and catastrophic risk” lie ahead for the world economy unless Europe resolves its festering debt crisis, Timothy F. Geithner told global finance chiefs on the morning of Sept. 24.
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