EU agrees framework for toxic assets: Sarkozy

EU leaders agreed a framework for dealing with the hundreds of billions of dollars of toxic assets ravaging the balance sheets of European banks, French President Nicolas Sarkozy said.

EU leaders agreed on Sunday on a framework for dealing with the hundreds of billions of dollars of toxic assets ravaging the balance sheets of European banks, French President Nicolas Sarkozy said.

HT Image

"The meeting allowed for an agreement to be reached on dealing with toxic assets," the French leader told journalists after a summit of EU leaders in Brussels focused on tackling the economic and financial crisis.

The agreement gives each EU country "great flexibility to determine the elegible assets" while at the same time gives a "European framework to ensure the good functioning of the interior (EU) market."