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Report: Merkel, Sarkozy Reach General Agreement on Bank Recapitalization


No details, but a new “deadline”: the end of October. There is a meeting of European leaders scheduled for Oct 17th and 18th summit in Brussels.

• From the Financial Times: Merkel and Sarkozy set euro deadline

France and Germany have set themselves a deadline of the end of October to reach agreement on a comprehensive package of measures to stabilise the eurozone, including the recapitalisation of European banks if they need it.
excerpt with permission

• From the WSJ: Merkel, Sarkozy Claim Broad Agreement to Stabilize Euro Zone

German Chancellor Angela Merkel and French President Nicolas Sarkozy said Sunday that they have reached broad agreement on a plan to shore up Europe’s battered banks and restore stability to the euro zone. …

“We are determined to do what is necessary to guarantee the recapitalization of our banks,” Mrs. Merkel told reporters. “We will make proposals in a comprehensive package that will enable closer cooperation between euro-zone countries that will include changes to treaties.”

• Summary for Week Ending Oct 7th
• Schedule for Week of Oct 9th

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