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You are here: Daily Dose
EU leaders agree to bank Recapitalization

 European leaders have agreed for recapitalization in struggling banks, and agreed to the idea of a tighter union in the long term. Under pressure to prevent a catastrophic breakup of their single currency, Eurozone leaders agreed to let their rescue fund inject aid directly into stricken banks from next year and intervene on bond markets to support troubled member states. 

The 120bn-euro growth package agreed is made up of:

a) A 10bn-euro boost of capital for the European Investment Bank, expected to raise overall lending capacity by 60bn euros
b) Targeting 60bn euros of unused structural funds to help small enterprises and create youth employment
c) A pilot launch of EU project bonds worth 4.5bn euros for infrastructure improvements, focusing on energy, transport and broadband.

Under the terms of the deal, troubled euro-zone countries would have more options for aid, including using a pool of European rescue funds to directly recapitalize ailing banks. That, in turn, would spare governments the humiliation of having to ask for aid themselves to channel to domestic banks, sidestepping the kind of intrusive financial inspections imposed on Greece, Ireland and Portugal.

At the summit, euro-area leaders also agreed to use the rescue funds "in a flexible and efficient manner in order to stabilise markets for member states" that respect rules including budget- deficit limits.

They also pledged to create a single banking supervisor for Eurozone banks that will form the first step towards full banking union which could help shore up struggling member Spain.

In another significant move, the leaders backed a eurozone roadmap heading towards fiscal union.

The plan will help in halting the vicious cycle of debts occurring in eurozone region.
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