Quote:The suggestion came after European officials revealed they were working on a radical plan to boost their own bail-out fund, the European Financial Stability Facility (EFSF), from â‚¬440bn (Â£384bn) to around â‚¬3 trillion.Read More: telegraph.co.uk
The plan to increase the EFSF firepower is the crucial part of a three-pronged strategy being designed by German and French authorities to stop the eurozone's debt crisis spiralling out of control. It also includes a large-scale recapitalisation of European banks and a plan for an "orderly" Greek default.
This is not going to be popular for the people of the EU. The global meltdown clock is ticking, this could be one of the last major transfers of wealth. How many times can the EU taxpayers bailout Greece?