France and Germany agree plan to recapitalise European banks

Angela Merkel and Nicolas Sarkozy draw up package to counter debt crisis but will not reveal details before G20 summit

For all the difference it will make.

the Guardian,

9 October, 2011

The leaders of France and Germany have announced that they are ready to recapitalise Europe's troubled banks and have reached agreement on a "long-lasting, complete package" to counter the bloc's debt crisis.

But the German chancellor, Angela Merkel, and Nicolas Sarkozy, the French president, refused to go into detail about the plans, saying they had to think of the markets and iron out "technical issues" before consulting the other 25 leaders in the European Union.

The announcement came hours after the governments of France, Belgium and Luxembourg said they had approved a plan for the future of the embattled Franco-Belgian bank Dexia.

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