国际英语新闻:Eurozone Leaders Try Again to Resolve Debt Crisis

In agreeing to the latest eurozone efforts, Merkel sought to assure Germans that she had not given into unfavorable commitments.

Spanish premier Mariano Rajoy voiced a note of uncertainty about the outcome, even while saying he thinks the summit's decisions will prove to be advantageous.

As for the details, the European leaders agreed to use the euro currency bloc's bailout fund to directly boost the continent's struggling banks, a move sought by Italy and Spain.

Under the new plan, the eurozone decided it could send loans to distressed banks directly, rather than through national governments, as has been the practice. The move was designed to keep the bank loans off the governments' mounting list of debts, such as a $125 billion rescue Spain is seeking for its banks, and make the financial institutions responsible for repaying their debts.

Borrowing costs for Italy and Spain, the 17-nation eurozone's third and fourth largest economies, had surged in recent days, especially for Madrid. But after the EU altered its lending plan, interest rates for Italian and Spanish bonds both dropped.

The EU summit also agreed to create a single supervisor to oversee the eurozone's banks by the end of 2012. Greater financial integration in the eurozone could eventually lead to tighter central control of spending by the 17 governments, which has been sought by Germany, and the sale of eurobonds, debt supported by the entire currency union.

Some European countries view the sale of eurobonds as a path to lower borrowing costs for weaker governments, but Berlin fears its low borrowing costs would increase.

The EU leaders also agreed to set aside about $150 billion to stimulate growth in the bloc's weakest economies.  The so-called "growth pact" was initially rejected by Spain and Italy, who held out until they won agreement on their demands.

French President Francois Hollande concluded that the summit's actions would prove successful both in the short term and in the future.