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Borges Says EU Officials Working on Bank-Recapitalization Plan

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Oct. 5 (Bloomberg) -- Antonio Borges, the International Monetary Fund’s European department head, said European Union authorities are working together on a plan to recapitalize the banking sector.

“We would recommend that it move to a European approach,” Borges said at a press conference in Brussels today. “More should be done on a cross-border basis.”

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To contact the reporter on this story: Rebecca Christie in Brussels at rchristie4@bloomberg.net

To contact the editor responsible for this story: Jones Hayden at jhayden1@bloomberg.net

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