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EU Pushes Coordinated Bank Aid

Merkel says European rescue fund should be last resort.

By Rebecca Christie, Tony Czuczka, Bloomberg | Updated on October 06, 2011

The European Commission is pushing for a coordinated capital injection for banks to shield them from the fallout of a potential Greek default as Germany urges each country to prepare its own blueprint.

The commission, the European Union’s executive arm, is “now proposing to the member states to have a coordinated action to recapitalize banks and so to get rid of toxic assets that they may have,” President Jose Barroso said today in a video question-and-answer session. He didn’t give more details.

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