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EU foreign ministers discuss banking union

February 19. 2013 5:03PM
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(AP) Shoring up Europe's banking sector and strengthening economic governance will likely top the agenda of a meeting of the European Union's 27 finance ministers.

The Cypriot finance minister, Vassos Shiarly, who'll chair the meeting, called it a very challenging agenda. Weakness in the banking sector and inadequate monitoring of national budgets were prime causes of Europe's three-year financial crisis.

Tuesday's meeting comes a day after a contentious session of the 17 eurozone finance ministers, at which they failed to approve a new installment of bailout money for Greece. However, there appeared to be general agreement to give Greece an additional two years to make the necessary reforms.

Eurozone officials will hold another meeting Nov. 20 to try to approve the new batch of aid.

Associated Press

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