European leaders have agreed to use the continent's permanent bailout fund to recapitalize struggling banks, and agreed to the idea of a tighter union in the long term. The bank decision at overnight meetings in Brussels on Friday was aimed at helping Spain, which sought a €100 billion rescue to help its troubled banks and is facing rising borrowing costs. EU President Herman Van Rompuy called it a "breakthrough that banks can be recapitalized directly." He said leaders of the 17-nation eurozone also agreed to a joint banking supervisory body. He said the leaders of the full 27-member European Union agreed to a ... (full story)