With the euro zone rolling toward the crack of doom, leaders from the 17-nation common currency said they reached a “breakthrough” on Friday to aid ailing European banks. “We agreed on something new … that the banks can be recapitalized directly in certain circumstances,” European Council President Herman van Rompuy said on Friday. The deal, which is expected to go into effect by July 9, would lead to the creation of a single supervisory body to oversee the allocation of rescue funds to member nations.
