Oct. 5 (Bloomberg) -- Antonio Borges, the International Monetary Fund’s European department head, said European Union authorities are working on a plan to recapitalize the banking sector.
“There is no secret at all that European authorities and the European Commission are all working together on a plan to bring more official capital, more public-sector capital, into the banking sector, precisely to restore confidence,” Borges said today at a press conference in Brussels on the IMF’s biannual economic outlook for Europe. “We would recommend that it move to a European approach,” he said. “More should be done on a cross-border basis.”
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