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Page last updated at 11:43 GMT, Friday, 29 June 2012 12:43 UK

Eurozone: 'Massive concession' from Angela Merkel


EU leaders look set to agree on a growth package for the struggling eurozone, with Italy and Spain pressing for quick action to lower their borrowing costs.

Europe editor Gavin Hewitt told the Today programme that European leaders have gone "much further than anyone had imagined... a lot of what people have been calling for was delivered".

Business editor Robert Peston said that German chancellor Angela Merkel "has made a massive concession" in suggesting eurozone bailout funds will be allowed to take stakes in bust banks.

He said, however, that the new agreement "is maybe the biggest piece of sticking plaster we've seen so far... but isn't the cure".

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