European leaders reached the halfway mark of their marathon to end the debt crisis, outlining plans to aid banks and ruling out tapping the European Central Bank's balance sheet to boost the region's rescue fund.
Stocks advanced and the euro rose after Europe's 13th crisis-management summit in 21 months, which also explored how to strengthen the International Monetary Fund's role. The leaders excluded a forced restructuring of Greek debt, sticking with the tactic of enticing bondholders to accept losses to help restore the country's finances. China said today that it had "faith" in the European Union's ability to tackle the crisis.
"It seems that progress has been made over the weekend to get to a 'comprehensive package,' but it is unlikely to be a bold one," said Juergen Michels at Citigroup Inc. in London. "There remain many open questions."
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