The eurozone's bailout fund will be able to directly prop up weak banks from next year, after ministers reached agreement on Thursday night (20 June)
Under the deal agreed by the bloc's finance ministers in Luxembourg, €60 billion out of the European Stability Mechanism's €500 billion lending capacity will be allocated to bank recapitalization.
Klaus Regling, the German managing director of the ESM, indicated that the direct recap instrument would be ready in the second quarter o...
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Benjamin Fox is a seasoned reporter and editor, previously working for fellow Brussels publication Euractiv. His reporting has also been published in the Guardian, the East African, Euractiv, Private Eye and Africa Confidential, among others. He heads up the AU-EU section at EUobserver, based in Nairobi, Kenya.