EU leaders inch towards rescue deal

EUROPEAN leaders inched towards a comprehensive deal to tackle the debt crisis. At the crunch meeting they are also trying to boost the €440 billion EU rescue facility to up to €1 trillion and impose haircuts of up to 50% on Greek bondholders.

A draft statement from the emergency summit, obtained by Reuters, outlined two options to leverage the fund.

Taoiseach Enda Kenny said some progress had been made and emphasised that boosting the European Financial Stability Facility (EFSF) was the most important issue.