European bank spreads decline amid talk of recapitalisation plans

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The cost of credit default swap (CDS) protection on European financial institutions declined today, as plans to inject fresh capital into the continent's banks took shape.

French president Nicolas Sarkozy and German chancellor Angela Merkel yesterday vowed to develop a recapitalisation plan by the end of the month in an attempt to armour-plate Europe's financial sector against further eurozone sovereign debt concerns.

The two leaders gave no detail on how the recapitalisation plan would work

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