EU backs new Greece bailout

Min­is­ters also agree to one bank su­per­vi­sor in ef­fort to keep lenders from new cri­sis.

Austin American-Statesman - - BUSINESS -

BRUS­SELS — In one whirl­wind morn­ing, the Euro­pean Union na­tions agreed on the foun­da­tion of a fully fledged bank­ing union and Greece’s euro part­ners ap­proved bil­lions of eu­ros in bailout loans that will pre­vent the na­tion from go­ing bank­rupt.

The two mea­sures ap­proved by fi­nance min­is­ters from the 27-coun­try EU ended weeks of hag­gling over ways to deal with the three-year fi­nan­cial cri­sis.

Their de­ci­sions freed up EU lead­ers gath­er­ing for their sum­mit later Thurs­day to con­cen­trate on solv­ing the re­gion’s other eco­nomic and fi­nan­cial prob­lems.

“Europe and the eu­ro­zone have proved that they are ca­pa­ble of elim­i­nat­ing the chal­lenges that con­front them,” said French Pres­i­dent Fran­cois Hol­lande.

A meet­ing of the 17 eu­ro­zone fi­nance min­is­ters early Thurs­day agreed that Greece

Bri­tish Prime Min­is­ter David Cameron (left) speaks with Fin­nish Prime Min­is­ter Jyrki Ta­pani Katainen (right) and Ger­man Chan­cel­lor An­gela Merkel at a EU sum­mit in Brus­sels Thurs­day. The EU agreed on the foun­da­tion of a bank­ing union.

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