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Obama: Good news out of Europe?

Something else the Obama administration has to see as good news: “Eurozone leaders agreed to radically restructure Spain’s €100bn bank recapitalisation plan during all-night talks at an EU summit that ended in the early hours of Friday,” the Financial Times writes. “The agreement will result in EU bailout funds eventually being injected directly into teetering Spanish financial institutions, meaning Madrid can sweep the burden of the bailouts off its sovereign books.”

Political Wire: "European leaders at a two-day summit in Brussels said they would speed up plans to create a single supervisor to oversee the euro zone's banks, and agreed on measures aimed at reducing soaring borrowing costs for Spain and Italy," the Wall Street Journal reports.