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U.S. stock futures rallied after the leaders of Germany and France pledged a program to support European banks.
Angela Merkel and Nicolas Sarkozy yesterday made yet another pledge to take action to solve the eurozone's debt crisis, saying they would formulate a plan by early next month to recapitalize European banks and accelerate economic coordination in the currency bloc. However, the German and French leaders provided no details, with sources saying they still have to resolve differences over who will pay for the recapitalization and how deeply to restructure Greece's debts.The Merkel-Sarkozy talks were given extra urgency by the woes of Dexia , whose rescue was agreed to by France, Luxembourg and Belgium last night. The latter's government will buy the bank's Belgian business for €4B ($5.4B) and all three countries have provided a combined guarantee of €90B to secure borrowing over the next 10 years.
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