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Euro finance ministers agree on the rules of bank recapitalization

Written By easy on Monday, January 21, 2013 | 7:42 AM

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Said Irish Finance Minister Michael Noonan, on Thursday, the euro zone finance ministers agreed on the basic rules that pave the way to inject new bailout funds to recapitalize troubled banks directly at the end of the command.

Noonan said to reporters after talks with his counterparts in Luxembourg "the main outlines of the document .. Framework has been agreed upon tonight."

Diplomats said the binding rules would come later.

Noonan added that Ireland was able to secure the clause allowing re-capitalization of banks with funds to save the euro zone "on the basis of each individual case."

He pointed out that his country was forced to inject funds into banks facing financial problems.

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