World Stocks Up on French-German Euro Debt Pledge

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Global stocks rose Monday on news that Germany and France are crafting a new package to help solve the eurozone debt crisis.
German Chancellor Angela Merkel and French President Nicolas Sarkozy said they will reveal the new plan by the end of the month, but they won't say what's in it.

The leaders have also made it clear the plan won't be a magic cure. Still, some see the move as a step in the right direction.

"The Merkel-Sarkozy announcement is positive as it focuses on banks," Bloomberg News quoted Alberto Gallo, a strategist at Royal Bank of Scotland Group in London.

"The timing appears ambitious, however. Having a full response to the crisis by month-end sets a high bar," he said.
European leaders have been working to prevent the crisis plaguing banks and countries like Greece from spreading.

Some officials worry it could lead to another financial crisis like the one in 2008.

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