By and  on October 27, 2011

European and U.S. stock markets rallied strongly Thursday after European Union leaders laid out a plan to bring the region’s swelling sovereign debt troubles under control.

The E.U.’s strategy is multipronged and includes a 50 percent write-down of Greek debt, a beefed-up bailout fund and a demand for banks to raise nearly 106 billion euros, or $151 billion, by June to insulate themselves against any future defaults.

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