BREAKING NEWS

Ministers seek to untangle measures to help euro

By REUTERS

JULY 9, 2012 05:03

BRUSSELS - Euro zone finance chiefs will try to flesh out plans to reinforce the single currency on Monday but their talks in Brussels may do little more than highlight the limitations of last month's deal to help indebted states and banks.

Decisions on banking supervision, how to use euro zone bailout money, aid to Spain and Cyprus and whether to grant concessions to Greece are likely to take months to finalize, while pressure for action is growing.

Spanish and Italian borrowing costs moved back up near unsustainable levels on Friday as hopes raised by the summit began to fade. Leaders of both countries issued pleas at the weekend for rapid moves to implement the agreement.

"This is where the credibility of the entire European project is at play," Spanish Prime Minister Mariano Rajoy said.

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