European leaders 'moving in the right direction'

US President Barack Obama: "Greek people need to realise that if they leave the Eurozone their hardships would be worse... European leaders are in discussion over strengthening the banking system - and are moving in the right direction.

US President addressing the media at the White House
US President addressing the media at the White House Credit: US Pool

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Spain bank bailout agreed

A Eurogroup statement says it has agreed to lend up to 100 billion Euros to Spain, but Spain says it won't formally request the cash until it is clear exactly how much its struggling banks need.