After Threats From Italy And Spain, Germany Agrees To Bank Rescue

European Leaders Reach Key Deal On Banks -- CNN

(CNN) -- European leaders reached a "breakthrough" deal early Friday to ease the recapitalization of struggling banks that should help draw the eurozone back from the brink of a gathering crisis.

Under the deal, European leaders agreed to create a single supervisory body to oversee the eurozone's banks which could use the single currency area's rescue funds, the European Financial Stability Facility or European Stability Mechanism, to aid banks directly without adding to governments' debt.

European Union leaders are hoping for implementation of the agreement by July 9, an EU statement said.

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Update #1: Eurozone crisis live: Bank bailout throws lifeline to Spain and Italy -- The Guardian
Update #2: Debt crisis live: Markets surge after EU summit deal -- The Telegraph

My Comment: A union can never stay together if some members believe that it is only by threatening another that they will get what they want. In this case .... Italy and Spain's threats of "holding back everything" may play to certain groups who do not want to implement the austerity that Europe desperate needs .... but the problems are not solved just postponed .... and yes .... this crisis will only come back but far more critical than before.