European leaders surpassed expectations to reach breakthrough on debt crisis
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— Tie their budgets, currency and governments more tightly.

The decisions made at the EU summit in Brussels won't end the crisis that has gripped Europe for nearly three years. Plenty of questions remain about how the bank bailouts would work, whether there's enough money committed to rescue banks and governments and whether impoverished, indebted Greece will be forced out of the 17-nation euro club.

But for EU leaders who have consistently underwhelmed their exasperated publics and nervous financial markets, Friday's efforts marked a breakthrough.

The prime minister of Ireland — one of the five eurozone countries that have required emergency funds — said the plans marked a "seismic shift in European policy." British Prime Minister David Cameron said that "for the first time in some time we have actually seen steps ... to get ahead of the game."

There was an immediate sign that Europe's latest plan was easing fear in financial markets: The cost for the troubled government of Spain to borrow fell dramatically.


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