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June 29, 2012

EU to recapitalise banks directly

By Sheila Samples

After tough all-night bargaining, European leaders appeared to salvage what had seemed to be a summit teetering toward failure by agreeing to funnel money directly to struggling banks, and in the longer term to form a tighter union. The agreements early on Friday at a European Union summit in Brussels suggested Germany had yielded a bit on its insistence on forcing tough reforms in exchange for rescue money. That was a victory for Italy and Spain ...

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After tough all-night bargaining, European leaders appeared to salvage what had seemed to be a summit teetering toward failure by agreeing to funnel money directly to struggling banks, and in the longer term to form a tighter union. The agreements early on Friday at a European Union summit in Brussels suggested Germany had yielded a bit on its insistence on forcing tough reforms in exchange for rescue money. That was a victory for Italy and Spain, who have argued they have done a lot to clean up their economies but are facing rising borrowing costs.

Submitters Website: http://sheilastuff.blogspot.com

Submitters Bio:

Sheila Samples is an Oklahoma writer and a former civilian US Army Public Information Officer. She is a Managing Editor for OpEd News, and a regular contributor for a variety of Internet sites.

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