Merkel says France, Germany ready to recapitalise banks

Country's leaders stepped in to curb danger of instability spreading to other countries within eurozone
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French President Nicolas Sarkozy and German Chancellor Angela Merkel arrive to speak to the media following talks at the Chancellery on October 9, 2011 in Berlin, Germany, but ahead of a summit of the European Union's 27 leaders later this month. (Getty Images)
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The two leaders have discussed ways for stabilising the euro and Europe's banking system amid the ongoing crisis over the Greek national debt and the danger of instability spreading to other countries within the Eurozone. (Getty Images)
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Germany and France are rumoured to have different opinions on how to recapitalise Europe's banks, which need more than $100bn if they are to beat the debt crisis. Sources say France wants to use the Eurozone's bailout fund - the European Financial Stability Facility (EFSF) - but Germany is adamant that the fund should only be called upon if other options are unavailable. French diplomats have denied there is any disagreement. (Getty Images)
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However, the two nations came together infront of media, saying they were "determined to do the necessary to ensure... recapitalisation of Europe's banks". (Getty Images)
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The leaders agreed to introduce a package of measures which would change the way the Eurozone operates. Mr Sarkozy said it was "not the moment" to go into details of what the package would incorporate but said the French-German accord was "total." (Getty Images)
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The chancellor and president said they wanted to achieve greater economic and financial cooperation between Eurozone countries. They pledged to give further details by the end of October. (Getty Images)
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Before the two leaders left, they insisted that market confidence relied upon the summit of European leaders in Brussels on October 17-18, and its ability to send a clear message on how the euro crisis would be handled. (Getty Images)