October 23, 2011
BRUSSELS ‚ÄĒ Big banks found themselves under pressure in Europe’s debt crisis Saturday, with finance chiefs pushing them to raise billions of euros in capital and accept huge losses on Greek bonds they hold.
The continent’s biggest financial institutions were at the center of talks as leaders entered marathon negotiations in Brussels, at the end of which they have promised to present a comprehensive plan to take Europe out of its crippling debt crisis.
“Between now and Wednesday we have to find a solution, a structural solution, an ambitious solution and a definitive solution,” French President Nicolas Sarkozy said as he arrived in Brussels. “There’s no other choice.”