EU Summit Starts, Leaders Seek New Strategy For Eurozone Crisis
EU leaders have agreed on a 120 billion-euro roughly 150 bilion U.S. dollar growth package for struggling eurozone countries.
At the start of a two-day EU summit in Brussels. officials say the long term plans on the table call for a banking union, a fiscal union and - ultimately - a political union for the eurozone, but Spain and Italy are calling for quick, short-term financial support.
EU Council President Herman Van Rompuy says half of the funds will help small enterprises and create youth employment in struggling countries. such as Spain.
Germany is under pressure to accept some pooling of eurozone debt - a move that could help reassure skeptical lenders but German Chancellor Angela Merkel says that could only happen if Brussels has more control over budgets.
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