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EU reaches deal on failed banks

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BRUSSELS (AP) — A hard-fought deal on how to pay for future bank bailouts gave European Union leaders a boost going into a summit Thursday, injecting credibility into their efforts to end the spiral of financial and economic troubles.

The EU leaders will take stock of progress on the bloc's financial and economic policies just hours after their finance ministers reached a breakthrough, middle-of-the-night deal determining who will pay for future bank bailouts, so that taxpayers don't have to.

This is a key step toward establishing a so-called banking union for Europe, aimed at restoring stability after a tumultuous few years that have dragged down the global economy.

The set of rules determines the order in which investors and creditors will have to take losses when a bank is restructured or shut down, with a taxpayer-funded bailout being only a limited last resort.

"That's a major shift from the public means, from the taxpayer if you will, back to the financial sector itself which will now become for a very, very large extent responsible for dealing with its own problems," said Dutch Finance Minister Jeroen Dijsselbloem.

http://news.yahoo.com/eu-deal-boosts-prospects-banking-union-062013575.html

There you go doomsayers, who were claiming every country in the EU would strip taxpayers their accounts, because one country went rogue on a decision.

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http://news.yahoo.co...-062013575.html

There you go doomsayers, who were claiming every country in the EU would strip taxpayers their accounts, because one country went rogue on a decision.

They are throwing more good money after bad money, violenting all of the Maastricht treaties, and dragging the remaining sound economies of the EU into the drain. Some success.

If are you are not a troll, you are seriously naive.

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They are throwing more good money after bad money, violenting all of the Maastricht treaties, and dragging the remaining sound economies of the EU into the drain. Some success.

If are you are not a troll, you are seriously naive.

Wow, the internet is really going to hell isn't it.

So posting articles is also being a troll now. Ok.

I think calling other ppl a troll because it's 'hip" is trolling.

You trolled the troll which is trollingly trolling.

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Had to come, what I like about is that the bill will not be courtesy of the taxpayer but those who own the shares and have capital over 100,000 Euros in that bank. Will make everybody much more cautious with speculating.

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Some kind of compromize bailout was necessary. I hope this settles matters but I doubt it.

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