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EU leaders eye more steps to quell crisis

Reuters  Brussels, December 14, 2012
First Published: 23:32 IST(14/12/2012) | Last Updated: 23:37 IST(14/12/2012)

European leaders agreed to press on with further steps to shore up their finances and sustain momentum in tackling the debt crisis on Friday  a day af ter clinching a deal on banking supervision and approving aid to Greece.


After talks in Brussels, leaders promised to push ahead with setting up a mechanism to wind down problem banks, although it was unclear when the facility would be completed.

They also launched tentative discussions on how to make countries stick to economic targets and on creating a "solidarity fund" to help member states suffering one-off economic shocks  but did not delve deeply into either issue pushing the debate out to next year.

Leaders said no concrete decisions were taken at the summit .Instead it was more about verbal commitments to push ahead."This evening we decided to put in place a single resolution mechanism," said Herman Van Rompuy, president, European Council and summit chairman.

The European Commission will present a proposal on the mechanism  which would wind-up troubled banks by keeping the good parts alive while the unhealthy operations are shut down during 2013.

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