EU backs new Greece bailout
Ministers also agree to one bank supervisor in effort to keep lenders from new crisis.
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.