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GreekReporter.comGreeceSolution Found in the EU summit for Greece and Southern European Countries?

Solution Found in the EU summit for Greece and Southern European Countries?

The two-day EU summit concluded after 14 hours of talks to provide short-term relief to Spanish and Italian banks by allowing the EU bailout fund to directly aid euro zone banks. The rules of the European Stability Mechanism (ESM) restricted EU lending to national governments, until now.
Despite German Chancellor Angela Merkel repeating her opposition to calls from French President Francois Hollande and his southern European allies for euro bonds or other measures to spread debt liabilities across the EU, she had no other alternative but to back down and agree on this measure.
International media reported that Paris and Berlin showed in these acrimonious talks that they are seriously split for the first time in the crisis.
The plan announced by the summit describes the potential establishment of a joint bank supervisor for the euro zone to replace the existing network of national regulators.
Greek President Karolos Papoulias, Greece’s representative in the summit, said that European agreement to support development was “significantly important” for Greece since recapitalization of banks would reduce the country’s debt.

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