European leaders agree on long-term union
French President Francois Hollande arrives for a press conference at an EU Summit in Brussels, Friday, June 29, 2012. (AP Photo - Michel Euler)
From Associated Press
June 28, 2012 11:12 PM EDT BRUSSELS (AP) — 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 €100 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."
He said leaders of the 17-nation eurozone also agreed to a joint banking supervisory body.
He said the leaders of the full 27-member European Union agreed to a general long-term plan for a tighter budgetary and political union.
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