Thursday, June 28, 2012
European leaders have agreed to use the continent’s permanent bailout fund to recapitalize struggling banks, and agreed to the idea of a tighter union in the long term.
The bank decision at overnight meetings in Brussels on Friday was aimed at helping Spain, which sought a euro100 billion rescue to help its troubled banks and is facing rising borrowing costs.
EU President Herman Van Rompuy called it a “breakthrough that banks can be recapitalized directly.” —- CBS News

European leaders have agreed to use the continent’s permanent bailout fund to recapitalize struggling banks, and agreed to the idea of a tighter union in the long term.

The bank decision at overnight meetings in Brussels on Friday was aimed at helping Spain, which sought a euro100 billion rescue to help its troubled banks and is facing rising borrowing costs.

EU President Herman Van Rompuy called it a “breakthrough that banks can be recapitalized directly.” —- CBS News