Greek bank recap from rescue fund would cut debt further -PM

BRUSSELS Fri Dec 14, 2012 7:50am EST

BRUSSELS Dec 14 (Reuters) - Directly recapitalising Greek banks through the euro zone's permanent rescue mechanism (ESM) rather than through loans could help cut the country's debt by 50 billion euros, Greek Prime Minister Antonis Samaras said on Friday.

Samaras also told a news conference in Brussels that a banking union would be the first step for a full monetary union in Europe.

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