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| Greece's new Finance Minister Yiannis Sturnaras arrives at the Greek parliament in Athens on July 6, 2012. Euro zone finance ministers will meet on Monday to build on measures agreed last month to tame the debt crisis, seeking to provide fresh momentum as the economy slows and markets turn sceptical. -- PHOTO: AFP |
BRUSSELS (AFP) - Euro zone finance ministers will meet on Monday to build on measures agreed last month to tame the debt crisis, seeking to provide fresh momentum as the economy slows and markets turn sceptical.
A June 28 to 29 European Union (EU) summit was hailed as a breakthrough, promising fresh capital for Spain's struggling banks, a European bank union to keep the lenders in line and making it easier for the bloc's new bailout fund to help states in trouble.
The financial markets soared in response, with borrowing costs for Spain, Italy and other weaker euro zone members all falling sharply in relief that the 17-nation euro zone was finally getting to grips with the near three-year crisis.
This week, however, investors have turned increasingly dubious as critics note that the Spanish banks will have to wait some time for any aid until the European banking regulator is in place to oversee their restructuring.
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