Barrosso to announce EU banks recapitalisation measures

President of the European Commission Jose Manuel Barrosso is set to announce plans to recapitalise European banks today.

It comes after the French and German leaders announced they will seek a solution to the banking crisis and as the Slovakian parliament last night rejected plans to enhance the European Financial Stability Fund.

The Slovakian parliament is expected to pass the measures in a second vote, with the support of the opposition party, who traded its support in return for snap elections.

The 16 other Eurozone members have already approved changes to the €440bn fund which is designed to shore up countries that are heavily in debt.

The changes cannot go ahead until everyone backs them.