EU to agree bank recapitalization scheme Oct. 26
2011-10-24 17:36:28
EU finance ministers will on Wednesday announce a coordinated scheme to recapitalize Europe's banks, EU President Herman Van Rompuy said.
On Monday, he delayed upcomming EU summit.Van Rompuy said leaders needed more time to conclude discussions on financial aid to Greece, the recapitalisation of banks and giving the eurozone bail-out fund more firepower.
European leaders are currently holding talks in a last-ditch effort to find a solution to the debt crisis in the Eurozone.
Current discussions are centered on the European Financial Stability Fund, currently worth 440b. Leaders are looking at how to bolster the fund to protect countries like Italy, amid concerns it could yet suffer a fate like Greece's.