EU plan taking shape: Bloomberg

• One-time write down of 50% on Greek debt
• Backstop for banks
• ECB keeps buying bonds
• Could be a pledge that no other country will be allowed to default
• New competitiveness measures

The only real surprise is that the ECB would continue to buy bonds. That was thought to be the the EFSF’s job. Germany will hate that provision.

Here is the full article.