European Union finance ministers said today they would take all necessary measures to protect the banking system and deposits of individual savers.
"We agree that public intervention has to be decided at national level in a coordinated framework," the ministers said in a joint statement released by the German finance ministry.
"We have agreed to support systemic financial institutions," the statement said.
"We all commit to take all necessary measures to enhance the soundness and stability of our banking system and to protect the deposits of individual savers," it added.
"To protect the depositors' interests and the stability of the system, we stress the appropriateness of an approach including, among other means, recapitalisation of vulnerable, systemically relevant financial institutions," it said.
Reuters