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Brussels blog by some wire service journalists

EU to force banks to raise $148 billion

By GABRIELE STEINHAUSER

Big banks across Europe will have to raise euro106 billion ($148 billion) to better withstand the turmoil of the debt crisis, preliminary figures showed, while eurozone leaders neared a deal to boost their bailout fund to over euro1 trillion ($1.4 trillion), a senior official said Wednesday.

The deal to force banks in the European Union to boost their rainy-day funds amid worsening market turmoil is a key part of a broader plan to solve the debt crisis that leaders have promised.

It was, however, only one third of a broader strategy which is expected to also include reducing Greece’s debt load and boosting the eurozone’s bailout fund.

READ FULL STORY HERE.

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