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EU to recapitalise banks directly

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Image uploaded from a quicklink 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.

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At www.aljazeera.com

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