ECB will nearly double capital to cope with the debt crisis

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The European Central Bank said it will increase its capital to €10.76 billion to deal with market volatility and credit risk. Eurozone members will provide the additional capital. Meanwhile, EU leaders met to discuss ways to curb the sovereign-debt crisis. Dominique Strauss-Kahn, managing director of the International Monetary Fund, said he is concerned about contagion in Europe. "That's why I'm urging the Europeans to provide for a comprehensive solution, because this piecemeal approach obviously doesn't work," Strauss-Kahn said. Full story here

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