European leaders agree on long-term union

by Blog Burger on June 29, 2012

By ANGELA CHARLTON and DON MELVIN, Associated Press BRUSSELS (AP) — After tough all-night bargaining, European leaders appeared to salvage what had seemed to be a summit teetering toward failure by agreeing early Friday to use the continent’s bailout fund to funnel money directly to struggling banks, and in the longer term to the idea of a tighter union. The bank decision at overnight meetings in Brussels was aimed at helping Spain, which sought a €100 billion rescue to help its troubled banks and wound up facing rising borrowing costs for the government. European Council President Herman Van Rompuy called it a “breakthrough that banks can be recapitalized directly.” In addition,… – International English News

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