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EU Finance Ministers Meeting Canceled; Leaders Meet Tomorrow

Oct. 25 (Bloomberg) -- A meeting of European Union finance ministers tomorrow to decide on bank recapitalization was canceled while two summits of EU leaders will proceed as planned to discuss tackling the sovereign-debt crisis.

The finance ministers’ meeting was canceled because the bank-recapitalization issue cannot be decided before other elements of the rescue package, a person familiar with the matter said on condition of anonymity. Summits of the 27 EU leaders and 17 heads of the euro area will take place as scheduled, EU President Herman Van Rompuy said.

At meetings starting at 6 p.m. tomorrow in Brussels, the European leaders will seek to reach agreement on expanding the euro-area rescue fund and determining the size of bondholder writedowns on Greek debt, as well as recapitalizing banks.

“Work on the comprehensive package of measures to curb the sovereign-debt crisis will be continued at the meeting of heads of state and governments,” Kacper Chmielewski, a Brussels-based spokesman for Poland, current holder of the rotating EU presidency, said today in an e-mailed statement. “Further work at the level of ministers of finance will be conducted based on the outcome of the heads of state meeting,” according to the statement. “The aim is to adopt all necessary elements and details concerning the package, as promptly as possible.”

To contact the reporters on this story: Jim Brunsden in Brussels at jbrunsden@bloomberg.net; Ewa Krukowska in Brussels at ekrukowska@bloomberg.net.

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net

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