European leaders cajoled bondholders into accepting 50 percentwritedowns on Greek debt and boosted their rescue fund's capacityto 1 trillion euros ($1.4 trillion) in a crisis-fighting packageintended to shield the euro area.

The 17-nation euro and stocks climbed while bond spreadsnarrowed after leaders emerged early today from a 10-hour summit inBrussels armed with a plan they said points the way out of thequagmire, albeit with some details still to be ironed out.

“Overall the outcome is better than we anticipated one weekago,” Laurent Bilke, global head of inflation strategy at NomuraInternational Plc in London, said in an interview. “There areseveral issues left open, but I do believe that getting a morenecessary debt relief for Greece is a pretty important step.”

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