September 19, 2018

EU finance ministers discuss plan on bank bailouts

European Union (EU) finance ministers agreed on an outline plan on how to rescue troubled banks – without leaving taxpayers to face the bill, the BBC reports. The banks’ creditors and shareholders will take the first hits, followed by savers with deposits of more than EUR 100,000. If that is not enough, government help will be called upon and taxpayers will be among the last to shoulder losses. Dutch Finance Minister Jeroen Dijsselbloem declared that the outline deal marked a big change in the way that troubled banks are bailed out. “If a bank gets in trouble we will now, throughout Europe, have one set of rules on who pays the bill,” he said. “The financial sector itself will now to a very, very large extent become responsible for dealing with its own problems.” The next step is for EU governments to negotiate over the legislation with the European parliament.
Source: Nine o’clock (read more)

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