EU leaders wrap up Brussels Talks - Gayo Lues
At the end of the summit the leaders of the bloc’s leading economic powerHouses agreed to directly support the struggling banks and bring down the borrowing costs for the stricken member-countries such as Italy and Spain.
The decision is considered as a sign of the bloc’s decision to show a more flexible approach in dealing with the worsening debt crisis.
The leaders agreed on a package of 120 billion euros to boost the cash-stripped bloc’s economic growth by directly aiding the troubling banks without affecting the governments’ debts negatively.
Backing the idea of a single banking authority at the end of the Brussels Summit, German Chancellor, Angela Merkel said that it was needed to prevent government debt from piling up.
Most of the eurozone member-states have been struggling with a crucial worsening debt crisis as well as soaring unemployment rates, with Greece and some other countries almost facing an economic collapse.
Some EU member-states have been implementing tough austerity measures for years to prevent a double-dip recession and to tackle their worsening debt crises and sluggish economies.
MY/JR
source: Presstv.ir – Europe News
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