George Osborne
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UK's George Osborne upbeat after eurozone talks

22 October 2011 Last updated at 21:45 BST

Chancellor George Osborne has declared "real progress" after a meeting of EU finance minister in Brussels on the eurozone debt crisis.

A provisional deal will see banks raise more than a 100bn euros ($140bn; £87bn) in new capital to shield them against possible losses to indebted countries.

It is conditional on a wider accord, including a write-down of Greek debt.

UK banks will not need to raise any new funds, partly because they have not made substantial loans.