Excerpt
JEFFREY BROWN (Newshour): And to some unexpected progress in the battle against Europe's financial crisis.
For months, members of the 17-nation eurozone have struggled to resolve disagreements over bailouts and spending cuts, with German Chancellor Angela Merkel taking a very public hard line.
But at a summit today, she and others surprised most observers with new steps. Those include allowing banks to get capital directly from a $600 billion bailout fund, instead of getting the money through governments, creating a new banking supervisor for the eurozone, and letting some troubled countries tap into rescue funds more easily.
As we have heard, the markets liked it and Europeans had some respite as they enjoyed or, depending on the country, despaired over the ongoing soccer championship.
"EU Ambassador on Debt Crisis Deal: 'Major Step Forward'" PBS Newshour 6/29/2012
Excerpt
SUMMARY: EU Ambassador to the United States Joao Vale de Almeida told Jeffrey Brown an agreement among eurozone nations that includes creating a bank rescue fund is a "major step forward" in solving the region's debt crisis.
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