October 22, 2011
EU finance ministers sought to break a deadlock over shoring up European banks on Saturday, after euro zone countries called for steeper losses for holders of Greek bonds to help resolve a debt crisis that threatens to damage the global economy.
With France and Germany deeply divided over how to bolster the rescue fund that underpins the euro zone, leaders have scheduled a string of meetings in the next days to tackle Greece's debt and limit its impact on the banking system.
Euro zone finance ministers made some progress on Friday, agreeing that holders of Greek government bonds would need to take far more than the 21 percent haircut brokered in July.
"We have agreed yesterday that we have to have a significant increase in the banks' contribution," Jean-Claude Juncker, who chairs the euro group of finance ministers, said on Saturday morning.
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