European Union lawmakers backed new rules on Thursday that would soften requirements on the money that banks must set aside to cover potential losses from new debt that turns sour, Reuters reported. The changes adopted by lawmakers in the economic affairs committee of the European Parliament will need approval from EU governments before they become law. They represent an easing of the requirements from a deal reached in October by EU governments, which in turn had softened an earlier European Commission proposal, and met with opposition in some quarters for being too lenient.

Italian builder Astaldi is talking to Fortress and other alternative lenders to secure 70 million euros ($80 million) of immediate bridge funding in a race to stay afloat, three sources said on Thursday. Italy’s biggest infrastructure builder by sales filed for court protection from creditors in September after being hit by delays to plans to sell a bridge in Turkey, Reuters reported. “The 70 million euros is the first tranche of an overall bridge package of some 200 million euros and will cover finance needs to the end of next February,” one of the sources said.

Russia’s Sberbank, a key stakeholder in Croatian food producer and retailer Agrokor, has started to receive proposals to sell its share in the firm which is emerging from a debt crisis, an aide to Sberbank’s CEO said. Agrokor, the largest firm in the Balkans with over 50,000 staff, was put under state-run administration last year, crippled by debts built up during an ambitious expansion drive, Reuters reported. In October, a Croatian court approved a deal for the indebted Agrokor that includes a debt-for-equity swap.

Britain’s aviation authority said it would take action to force Ryanair to pay compensation to customers affected by strikes held by its staff this summer, The Irish Times reported. The UK’s Civil Aviation Authority said in a statement on Wednesday that the strikes were not exempt from EU rules on compensation and it had started enforcement action against the airline. Ryanair has suffered a number of strikes this year by cabin crew and pilots, forcing it to cancel hundreds of flights, after the airline recognised unions for the first time in 2017.

Italy’s prime minister has signalled he would be willing to modify his government’s budget plan in response to criticism from Brussels but only if the expensive welfare policies it contains remain intact, the Financial Times reported. Giuseppe Conte said minor amendments could be made to Rome’s populist coalition government’s budget to avoid Italy being sanctioned by the European Commission. “Right now if I am able to recover some funds, tweak the final figure, change a few things it doesn’t mean that I am backtracking,” Mr Conte said in an interview with La Repubblica newspaper.

The euro area is showing no signs of a meaningful economic rebound, with Italy on the verge of recession after the populist government picked a fight with European authorities over spending plans. Momentum in the 19-nation region is at the weakest level in more than two years, and trade and political uncertainty are dragging confidence lower, Bloomberg News reported. Activity last month was weighed down by Italy, where the risks of a second quarterly contraction are rising.

EU finance ministers have agreed on steps to bolster the eurozone against future financial crises, striking a deal after negotiations that went through the night and pitted French-led reform ambitions against the reluctance of northern European capitals to share more financial risk, the Financial Times reported.

Ireland’s richest man has been forced in the face of an investor backlash to sweeten the terms of a plan to postpone repaying $3bn in debt at his Caribbean telecoms company. Denis O’Brien is seeking more time for Digicel to repay debt amid anxiety about a possible default on a $2bn bond due in 2020, the Financial Times reported. This debt, and another $1bn bond due in 2022, are at the centre of long-running talks between Mr O’Brien and his investors.

Investors are fleeing from Thomas Cook’s debt as well as its shares, amid growing concerns about the company’s debt burden as it battles deep changes in its industry, the Financial Times reported. The cost to hedge against the possible default by tour operator Thomas Cook has almost doubled in the space of a week, while the yield on its 2022 bonds jumped more than 650 bps during Tuesday morning’s trading session in London according to data from Refinitiv.

Less than a decade after the financial crisis nearly tore the euro area apart, a long-anticipated push to shore up the single currency finally started taking shape at a meeting of the bloc’s finance ministers, though it will likely underwhelm those calling for tighter integration, Bloomberg News reported. The compromise struck around 8 a.m. Tuesday after almost 16 hours of talks in Brussels paves the way for advances in areas from debt sustainability to a possible euro-zone budget.