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29Jun/12Off

GLOBAL MARKETS-Stocks, euro surge on EU bond support

  • *EURO LEADERS RENOUNCE SENIORITY ON SPAIN LOANS
  • *EURO LEADERS AGREE TO OPEN FUNDS WITHOUT AUSTERITY PROGRAMS
  • *BANKS CAN RECAPPED DIRECTLY WITH AID FUNDS, VAN ROMPUY SAYS
HYPERINFLATION ON THE CARDS?

 

By Chikako Mogi

TOKYO (Reuters) - Asian shares and the euro surged on Friday after European leaders agreed that euro zone banks could be recapitalized without adding to government debt and opened the way for tapping a rescue fund, soothing fears over growing credit strains in Italy and Spain.

European Council Chairman Herman Van Rompuy said the aim was to create a single supervisory mechanism to break the "vicious circle" between banks and sovereign government debt.

He also said countries complying with EU budget policies would be able to access the bloc's temporary EFSF and permanent ESM rescue funds to support their government bonds on financial markets.

http://finance.yahoo.com/news/asian-shares-down-eu-deadlock-004736109.html

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