|Chaffin, Joshua, Spiegel, Peter
Report of decisions taken at the European Council, Brussels, 28-29 June 2012.
Eurozone leaders agreed to radically restructure Spain’s €100bn bank recapitalisation plan, allowing EU bailout funds to eventually be injected directly into teetering Spanish financial institutions, meaning Madrid can sweep the burden of the bailouts off its sovereign books.
The summit agreement also contained some concessions for Italy and Ireland.
In addition, a new banking supervisory body will be created under the auspices of the European Central Bank.
[Note this is an interim report; the summit meeting continued on 29 June 2012]
|Economic and Financial Affairs, Politics and International Relations
|Countries / Regions
|Europe, Ireland, Italy, Spain