EUROPEAN governments summoned banks and insurers to urgent meetings yesterday, urging them to share the cost of a second Greek bailout with taxpayers and avoid a market meltdown.

BANKS and hedge funds may have to pay out on Anglo Irish Bank debt insurance after the Government insisted holders of its riskiest bonds share the pain of a €30 billion bailout.

BANK of Ireland may need to raise €2 billion of new capital after transferring loans to NAMA, according to analysts at international investment research firm CreditSights.