Barosso: Europe to 'urgently' recapitalise its banks

The European Commission President Jose Manuel Barosso has warned that the eurozone is threatened by a "systemic crisis".

Mr Barosso is announcing a new roadmap to tackle the problems at an address to the European parliament this afternoon.

He said the key points of the roadmap included the need for Europe to "urgently" recapitalise its banks.

The roadmap also includes plans to ensure that the capital of all European banks is raised and plans to maximise the firepower of the debt crisis fund, the EFSF.

Barosso also announced plans to handle the Greek debt crisis with a view to keeping Greece in the Euro area.