BBC News
October 22, 2011
A recommendation that European Union banks should raise more than 100bn euros ($140bn; £87bn) in new capital will be put to tomorrow's summit of EU government heads for ratification.
That was the main decision made today by EU finance ministers meeting in Brussels (the meeting has just broken up).
According to officials, it was a difficult negotiation which last several hours longer than expected.
"There was a moment around lunchtime when the meeting could have been adjourned with no agreement," said an official. "An intervention by the chancellor, backed by Germany and France, persuaded the finance ministers to remain until agreement was reached."
Most of the capital - a protection against possible losses on loans to highly-indebted countries - is expected to be raised by banks from Greece, Portugal, Italy, Spain, Germany and France.
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