Euro Area

[Louis VI the Fat]

http://www.guardian.co.uk/business/2...loyds-barclays

Ancient history. Today:

Leaders of the Eurozone countries have reached a new agreement on tackling the Greek debt crisis, at a summit in Brussels.
They include debt restructuring and an expansion of the European bailout fund.

The new bailout will - for the first time - also involve private lenders, according to the French President, Nicolas Sarkozy.
He said they will provide 135bn euros ($194bn, £120.5bn) over 30 years to Greece.

One key element of the package is an expansion of the role of the European bailout mechanism, the European Financial Stability Facility (EFSF) so it can act more freely.
The President of the European Council, Herman Van Rompuy said: "Reform of the EFSF will make it more flexible and effective. We do not now have to wait for substantial damage to occur before we can intervene."

Earlier, a statement said: "Greece is in a uniquely grave situation in the euro area."
Financial markets gained on hopes of a new deal. US shares gained 1.3%, while shares in Milan rose by 4%, and Spanish shares jumped 3%.

European banking shares led the way. In Germany, Commerzbank climbed almost 9% and Deutsche Bank rose 3.6%, while in France Societe Generale and Credit Agricole gained about 6%. German and French banks are the biggest holders of Greek debt. UK banking shares also rose strong, with Barclays gaining 7.7%, Lloyds 5.9% and RBS 5.7%.

http://www.bbc.co.uk/news/business-14239794

'It is an unusual moment when British politicians, more than the Germans, are urging closer European integration'

I do ever so dearly wish Europe would seize the moment for closer union. Now would be the time.