Slouching towards a banking union

摘要

Blink and you might miss it. Amid the headlines over Spain's deepening banking crisis, two smaller members of the euro area quietly moved along with plans to recapitalise their own banking systems. Portugal, which is already on life support, said it will inject €6.6 billion ($8.2 billion) into three of its largest banks. To its east, the Cypriot government said it too may need European help to raise €1.8 billion to recapitalise its second-largest bank.