News

After last weeks failed attempts to provide a unison European response to financial crisis, leaders of the Eurozone countries have now agreed on a coordinated bank rescue plan. The plan set out the framework of the rescue plans to be developed in the individual countries.



The main points of the plan are among others:

· Establishing guarantees for inter-bank loans across the Eurozone

· Bank recapitalisation, i.e. injection of public money, if requested

· State guarantees of new bank debt in up to five years



Especially the first point is expected to have an effect and will hopefully contribute to re-establishing confidence between banks in the European markets.



This Monday Germany, France and Spain have adopted comprehensive rescue plans on the basis of the common set of measures, and other countries are expected to follow soon.