International Monetary Fund urges banking plan for Europe

International Monetary Fund urges banking plan for Europe
Wednesday, October 5, 2011 - 9:02am

European banks may need as much as 266 billion dollars to recapitalize. The amount was revealed by the International Monetary Fund today at a press conference.

The head of the IMF operations in Europe also said that the continent also needed to put in place a comprehensive banking plan. The news comes as the IMF is working on a second bailout package for Greece. The package is needed in order to prevent the country from defaulting on its debt.

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