Europe's leaders should stop prevaricating and quickly adopt a plan to bail-out Greece, recapitalise the region's banks and give the eurozone's rescue fund more firepower to stop economic contagion, the president of the European Commission said.
José Manuel Barroso did not specify how to help Greece, Europe's banks or boost the rescue fund, highlighting the fierce divisions that still exist among European officials and among national capitals over the way forward -- divisions that must be bridged by the time EU leaders gather for a summit in less than two weeks.
Senior EU officials said there was an intense debate within Mr Barroso's Commission over whether to specifically back a 9 per cent core tier-one capital ratio for banks -- the key measure for financial strength -- far higher than required just three months ago in European stress tests.
In the end, Mr Barroso omitted the figure from his speech and instead called for "a temporarily higher capital ratio after accounting for exposure" to sovereign debt of shaky eurozone economies, which most major European banks hold in large quantities.
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