EU to agree rules for bank rescues by bailout fund

European finance ministers are meeting to agree on how to rescue ailing banks using the bloc's permanent bailout fund. According to AP, ministers from the European Union's 17 euro countries were gathering in Luxembourg Thursday and were expected to reach an agreement in principle on the rules for direct bank recapitalizations through the 500 billion euro ($670.3 billion) European Stability Mechanism. Enabling the ESM to shore up banks directly is a key part of setting up Europe's so-called banking union, which will make the rescue and supervision of banks the job of the EU rather than jeopardizing weaker member states' finances.