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(Corrects spelling of name in ninth paragraph. For more on Europe’s debt crisis, see EXT4.) Oct. 24 (Bloomberg) -- European leaders ruled out tapping the European Central Bank’s balance sheet to boost the region’s rescue fund and outlined plans to aid banks, inching toward a revamped strategy to contain the Greece-fueled debt crisis. Europe’s 13th crisis-management summit in 21 months also explored how to strengthen the International Monetary Fund’s role. The leaders excluded a forced restructuring of Greek debt,longchamp outlet sticking with the tactic of enticing bondholders to accept losses to help restore the country’s finances. “Work is going well on the banks, and on the fund and the possibilities of using the fund, the options are converging,” French President Nicolas Sarkozy told reporters at the Brussels summit yesterday. “On the question of Greece, things are moving along. We’re not there yet.” Greece’s deteriorating finances have narrowed Europe’s room for maneuver in battling the contagion, which threatens to pitch the country into default, rattle the banking system, infect Spain and Italy and tip the world economy into recession. The complete blueprint won’t come together until a summit in two days. Like yesterday, it will start with all 27 EU leaders before the 17 heads of euro economies gather on their own. Euro Slips The euro slipped on concern that the anti-crisis package will be less than the sum of its parts. The currency fell to $1.3842 as of 6:42 a.m. in Sydney from $1.3896 on Oct. 21 in New York. “Bottom line: although full details are yet to be known, the proposals as they stand leave us vulnerable to disappointment that this is truly a comprehensive solution,” said Charles Diebel, head of market strategy at Lloyds Bank Corporate Markets in London. The mayhem began in Greece in October 2009 when an unexpected cash shortfall left the new government unable to pay for its election promises. Since then, 256 billion euros of bailouts have failed to stem the tide, which rattled France this month, prompting Standard & Poor’s to warn it may lose its top credit rating. Expressing concern over the potential impact on their nations, world leaders including President Barack Obama and Chinese Premier Wen Jiabao have stepped up calls for Europe to turn back the risk to the global economy. Victory Claims Europe has claimed victory over the crisis before. A plan in March was billed as a “comprehensive” strategy. A July accord on a second bailout for Greece and more powers for the rescue fund was hailed at the time as the “final package, of course,” by Luxembourg Prime Minister Jean-Claude Juncker.
