European leaders reached an agreement among 23 of its 27 members on how to resolve the continent’s debt crisis. Britain and three other countries refused to back the deal. The three countries—the Czech Republic, Hungary and Sweden—said they would consider the plan after consulting their parliaments. French president Nicolas Sarkozy said eurozone countries are pushing ahead with their intergovernmental treaty in spite of Britain’s refusal to back them.
As part of the new measures, bailout funds would be handled by the European Central Bank and its president, Mario Draghi. EU leaders agreed to add 200 billion euros to the International Monetary Fund, which assists in bailouts. U.S. Treasury secretary Timothy Geithner emphasized the importance of the EU’s control over their budget crisis, and expressed confidence in their success.
