BRUSSELS—Eurozone finance minister broke a 11-month deadlock and agreed June 20 that the European Union bailout fund, known as the European Stability Mechanism, can be used to recapitalize banks on a retroactive basis in order to try and break the destabilizing link between sovereign debt and financial institutions drowning due to non performing loans.
Coming on a day when the Greece financial crisis threatened to erupt for the fourth time in five years, the Eurogroup, made up of the 17 eurozone finance ministers using the EU single currency, overcame fierce resistance from Germany, the Netherlands, and Finland and agreed that ...
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