EU agrees to re-capitalise banks

European Union (EU) officials on Sunday agreed to follow Britain's lead in pledging to inject sufficient capital into the region's battered banks.

"Each member state will make available to financial institutions, tier one capital by acquiring preferred shares or other instruments," the EU said. "Governments commit themselves to provide capital when needed in appropriate volume while favouring by all available means the raising of private capital. Financial institutions should be obliged to ac

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