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Spain and Cyprus Seek Rescue for Ailing Banks

New York Times - Jun 25, 2012

On the eve of a crucial summit meeting of European leaders in Brussels, Spain on Monday formally requested billions of euros in aid for a banking sector battered by the country’s real estate collapse and Cyprus announced that it would apply for a bailout.

Even before Cyprus made its announcement, stock markets plunged in Europe and the euro dropped amid doubts that European leaders, who will meet Thursday and Friday, would achieve the far-reaching breakthrough needed to resolve the debt crisis.

“This will be a decisive week for Europe,” the German foreign minister, Guido Westerwelle, said Monday.

At the meeting, European officials are expected to debate relaxing the terms of Greece’s bailout, but they will do so without the prime minister of Greece or its finance minister. The government already announced on Sunday that, for medical reasons, neither the prime minister, Antonis Samaras, nor the finance minister, Vassilis Rapanos, would attend the meeting.

Read Full Article from New York Times

- Posted: 2012-06-25 22:06:15

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