Bits and pieces of a coordinated debt relief plan have started to become public with more detail expected as part of a European Central Bank press conference scheduled for later today. According to European Commission President Jose Manuel Barroso, the plans include measures to “recapitalize banks and get rid of toxic assets they may have”.
On Wednesday, German Chancellor Angela Merkel said she was in favour of a co-ordinated recapitalisation of European banks if that was deemed necessary.
Source: BBC News
