Now Merkel's Getting In On The Bank Recapitalization Bandwagon

Angela Merkel

Photo: AP

German Chancellor Angela Merkel told reporters in Brussels today that her country “is prepared to move to bank recapitalization” in an upcoming meeting of eurozone leaders, according to Dow Jones.She said she would support a plan to shore up the European banking system if EU leaders deemed it necessary.

Merkel even told reporters, “If a given country cannot do it and the euro’s stability in danger” the European Financial Stability Facility can step in and provide aid to banks under certain conditions.

This follows reports yesterday that EU finance ministers have been considering a plan to recapitalize European financial institutions in order to prove to markets that the EU’s banking system is sound.

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