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EU finance ministers reach draft deal on bank bailouts
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EU finance ministers reach draft deal on bank bailouts
European Union (EU) finance ministers have agreed an outline plan on how to rescue troubled banks - without leaving taxpayers to face the bill. The banks' creditors and shareholders will take the first hits, followed by savers with deposits of more than 100,000 euros (£85,000). If that is not enough, government help will be called upon and taxpayers will be among the last to shoulder losses. EU taxpayers have had to pay for a series of bank rescues in recent years. Dutch Finance Minister Jeroen Dijsselbloem said 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.".....Read more hereTags: None
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