Summary Box: Stocks up as Europe nears fiscal deal

AP News
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Posted: Dec 09, 2011 4:26 PM
Summary Box: Stocks up as Europe nears fiscal deal

EURO HOPES: Stocks rose sharply Friday after most European nations agreed to forge closer economic ties, raising hopes that the region is close to resolving its debt crisis.

THE PLAN: All 17 nations that use the euro agreed to sign a treaty that would give a central European authority closer oversight over their budgets. Nine other European Union nations agreed to consider the change. Britain was the lone holdout.

THE DOUBTS: Analysts warn that Europe's previous plans to solve the debt crisis and save the euro fell short. They say many key details remain undecided and the treaty plan doesn't address the immediate problem: Borrowing costs for heavily indebted countries are too high.