Paris, Berlin Agree on Banks' Recapitalization
German Chancellor Angela Merkel said Sunday that Paris and Berlin were agreed on a recapitalization of banks, at a joint news conference with President Nicolas Sarkozy.
Merkel said the two capitals were "decided on doing what is necessary to recapitalize (the) banks in order to assure the granting of credit to the economy". Sarkozy said the "agreement was complete".
"Europe must "have resolved its problems" by the time G20 leaders meet in Cannes at the beginning of November," Sarkozy said.
The French President added that Paris and Berlin would propose "important changes" to European treaties, adding he favoured bigger integration of the eurozone.
Merkel in turn said the "goal is to have closer and more binding cooperation of eurozone countries" to avoid overspending.
Source: Agence France Presse
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