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European finance ministers have reached the basis of an agreement to wind down failing banks and share the costs, Eurogroup President Jeroen Dijsselbloem told CNBC following a 16-hour marathon negotiating session in Brussels.
The agreement is expected to begin with a Cyprus-style “bail-in” process in which major depositors in failing banks are tapped first in an effort to support the lender.
Then, if more cash is needed, national resolution funds would be used. And if further funds are needed, these would be pooled from across the region over the next five to 10 years, forming the basis of a common fund.
“We will have a European fund as far as I’m concerned, but there will be, especially in the first years, some national responsibility,”
The euro currency has turned into a disaster.....well except for germany.
reply to post by Bassago
Im glad the uk didnt join the euro. The euro currency has turned into a disaster.....well except for germany.
Yeah Germany's quite the power-house again. I'm also glad the UK stayed out of the euro, now if you guys can just either get free of the EU or pull back a bunch of sovereign authority things may get even better.
Good luck!edit on 730am2121am102013 by Bassago because: (no reason given)
See that's where Hitler and Napoleon failed. You don't conquer Europe with military force .. you conquer it by offering the people fancy gadgets and the chance to migrate to richer lands.
Eurogroup head says Cyprus shows future of bank rescues