european officials

Skeptics of efforts by European officials to tackle Greece’s debt burden are saying some main elements of the agreement may not be as good as they looked initially.

More than a year after European officials began squabbling over solutions — and a financial crisis has begun to engulf the banking system — the talking continues.

Gainers

• United States Oil (NYSE: USO) up 1.67 percent to $30.41. Crude inventory data today has supplies falling by 4.7 million barrels for the week ended October 1st.
  
  Analysts were looking for a 2.5 million barrel increase. November crude contracts are trading $2.66 higher to $78.33 per barrel on the Comex.
• SPDR S&P Metals & Mining (NYSE: XME) up 4.30 percent to $45.87.

The U.S. downgrade and European debt problems threatened to feed on each other.

European officials say at least 55 billion euros a year in debt is simply being written off, much of it because businesses find it too daunting to press expensive lawsuits in foreign countries.

Finance ministers said that they wanted their rescue fund to be able to lend 500 billion euros.

European officials quickly agreed to Ireland’s request for a bailout, but the public backlash raises concerns about political stability in the country.

LONDON - European officials on Friday scrambled to ease a brewing market panic over financial troubles in Ireland, Portugal and Spain, as speculation mounted that one or more of those nations may be forced to follow in the footsteps of nearly bankrupt Greece and ask for an international bailout.

Stocks rallied Monday after European officials approved a nearly $1 trillion rescue plan to contain the debt crisis in troubled nations and stabilize the euro.

Stocks climbed on hopes that European officials will come through with some sort of assistance for Greece to handle its debt and keep the crisis from spreading.