EU Battles for ‘Fiscal Compact’ to Lure ECB Into Euro Fight
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European leaders battled into the night to halt two years of debt-driven turmoil in financial markets and dispel concerns that the 17-nation euro currency is on the brink of unraveling.
Leaders worked on a “fiscal compact” at a Brussels summit to restore bondholders’ confidence and make it possible for the European Central Bank and International Monetary Fund to step up contributions to the rescue effort. No agreement has yet been reached, said two government officials familiar with the talks.