EU ministers mull default survival plan

EU members are considering a number of steps to prepare the bloc's economies and banks to survive a potential default, leaders said. Among other things, European Commissioner for Economic Affairs Olli Rehn said Friday ministers were discussing fast-tracking plans for a permanent rescue medium and that he expected a solution on recapitalizing European banks within a few days, The Wall Street Journal reported. "I am confident that the eurozone summit and the European Council will be able to make a decision in mid-October on how a coordinated Europe can help to solve the distrust towards the banks' capitalization," Rehn said during a conference in Helsinki, Finland. German Chancellor Angela Merkel said Friday EU leaders will discuss how to push forward with possible bank recapitalizations during an Oct. 17-18 summit. She said the European Banking Authority must determine the framework for any possible banking recapitalization.