By Aaron Kirchfeld and James G. Neuger - Oct 27, 2011 1:04 AM GMT+0900 .

German Chancellor Angela Merkel speaks with the media as she arrives for an EU summit in Brussels on Oct. 26, 2011. Photographer: Virginia Mayo/AP

 Oct. 26 (Bloomberg) -- John Taylor, founder, chairman and chief executive officer of FX Concepts, talks about the prospects for resolution of Europe's sovereign-debt crisis and the outlook for global currencies. Taylor speaks with Betty Liu and Sara Eisen on Bloomberg Television's "In the Loop." (Source: Bloomberg)

Oct. 26 (Bloomberg) -- Mike Franklin, head of investment strategy at Beaufort International, discusses today's European debt crisis summit in Brussels. He speaks with Owen Thomas on Bloomberg Television's "Countdown." (Source: Bloomberg)

European Union talks with banks on bondholder losses as part of a second Greek bailout were deadlocked, an EU official said, dimming the chances for a comprehensive crisis-fighting strategy at tonight's summit. German Chancellor Angela Merkel doused expectations of a breakthrough, saying on the way into the meeting at EU headquarters in Brussels that "work's not been done yet, but everyone's coming here today with the goal to progress quite a bit." The Greek deadlock darkens the summit's prospects, since deals on recapitalizing banks and bolstering the 440 billion- euro ($608 billion) rescue fund hinge on steering debt-laden Greece back toward financial health.

ギリシャ​​の背負う債務の救済策の一環として、ソブリン債債権者のヘアカット（債務の削減）問題で銀行と欧州連合が如何に痛みわけするかの交渉が暗礁に乗り上げ、袋小路に迷い込んでしまった。これにより、EUの関係者は今夜のサミットで地球的規模の危機と戦う戦略の可能性が低下した。

ドイツのメルケル首相は、ブリュッセルでのEU本部における会議の途中でこう言った「作業はまだ行われていない、しかし誰もが、かなり事態を進行させることを目標に、今日こここうして集まっている」と述べた。ギリシャが迷い込んだ袋小路は、銀行をして資本構成の変更と財務健全性に向かって債務削減に応じなければならないという事態を招いた4,400億ユーロ（6080億ドル）相当の救済基金を得られるかどうかが怪しくなってきたことにあり、そのことが今回のサミットの行く末を危うくし、暗雲を垂れ込ませている。

政策立案者らと債券保有者は、いずれも ギリシャの債務の50％の債務削減（ヘカット）ということで纏まろうとしていた矢先、各国の利害が錯綜し、交渉そのものの先行きが怪しくなってきており、更に協議を重ねる必要性が出てきている状況だ。関係筋は、匿名を条件に、「ヨーロッパの指導者らは4日間で2回目の首脳会談のために忙しいところ召集を受けた。賢かったのは、（先日も述べた）ポーランドの首相だろう」と述べた。

(The rest is omitted).

European leaders convened for the second summit in four days -- and the 14th in 21 months -- amid mounting global exasperation over their failure to extinguish the two-year-old crisis that now threatens to ravage Italy and France and brake the world economy.

"It's the details that are being awaited and I'm skeptical about those being finalized today," said Prime Minister Donald Tusk of Poland, one of 10 leaders of non-euro countries who will take part in the summit's first session.

Euro Weakens

The euro slumped on concern that what was billed as a decisive meeting will fall short. The currency weakened 0.4 percent to $1.3855 at 5:45 p.m.

Dramas played out across Europe during the day, with Merkel winning a German parliament mandate to negotiate on the rescue fund, Italian Prime Minister Silvio Berlusconi hustling to prepare new budget cuts and EU representatives jousting with banks over the costs of reviving Greece.

"There is a fatigue on financial markets listening to politicians always coming up with the ultimate, final plan," Carsten Brzeski, an economist at ING Group in Brussels, said in an interview with Francine Lacqua on Bloomberg Television.

Euro leaders won't rule out a forced Greek writedown, while continuing to pursue a "voluntary" solution that would scale up a July accord that foresaw 21 percent losses for bondholders, the EU official said.

Bank Lobbying

The Institute of International Finance, which lobbies on behalf of 450 financial firms, sweetened its offer yesterday, proposing to go beyond the 40 percent losses it mooted last week, said two people with knowledge of the talks.

The outlines of a deal to safeguard banks emerged, centering on a June 30, 2012 deadline for lenders to reach core capital reserves of 9 percent after writing down their sovereign debt holdings, according to a draft summit statement.

Banks below that target would face "constraints" on paying dividends and awarding executive bonuses, the draft said. It showed little appetite for an EU-run plan, bowing to German calls to make European money available only as a last resort.

Germany, the biggest contributor to bailouts of Greece, Ireland and Portugal, paved the way for a strengthening of the rescue fund with a Bundestag endorsement in Berlin.

Leaders are weighing two options for extending the reach of the fund: using it to insure bond sales and to finance a special investment vehicle that would court outside money, including from the International Monetary Fund.

Waiting on a Number

While markets clamor for a signal that the euro area will devote 1 trillion euros or more to combating the crisis, the EU won't be able to produce a number until late November, the EU official said.

In Italy, Berlusconi said he would come to Brussels with a letter of intent on further budget cuts that would provide a rationale for the European Central Bank to continue supporting the Italian bond market.

The cracks in Berlusconi's coalition widened, preventing him from delivering the comprehensive plan to boost growth and trim the debt load. Newspaper la Repubblica reported that the embattled leader hatched a secret deal to resign in January and hold early elections.

"Either this government is able to take structural reforms or we need another government," Mario Baldassarri, chairman of the Senate Finance Committee and a former Berlusconi ally, said in an interview in Rome. "We will see in the next few days or week" whether Berlusconi resigns.

出典： Bloomberg