What You Need to Know in Markets: Gold Price, European Debt
NEW YORK (TheStreet) -- European Commissioner Olli Rehn said the eurozone is nearing a consensus on plans to stabilize the region's debt crisis during a speech in Dublin, helping offset uncertainty from the prior day when Slovakia become the only country to vote against a July 21 agreement to expand the European Financial Stability Facility
All 17 eurozone members must approve the expansion before it can pass. A second vote is expected later this week, and the largest party that opposed the plan, Smer, said it will support the expansion in the second round, ensuring it will pass, according to a Bloomberg report.
European leaders are scrambling to reach an agreement on the EFSF by Oct. 23 when a summit is planned to discuss a package of measures designed to stabilize the eurozone and put contagion fears to rest. Policymakers are expected to consider a recapitalization of its banks in addition to a unified support plan for Greece.
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