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EU weighs options for common bank bailout fund

October 14. 2013 10:36AM
Associated Press

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(AP) Finance ministers from the 17 eurozone countries are discussing how to establish a common fund that can pay for the restructuring or bailouts of troubled banks.

Jeroen Dijsselbloem, who chairs the meetings of the Eurogroup of finance ministers, cautioned Monday's talks were about technicalities and no final decision was expected.

The European Central Bank is currently taking on the role as the bloc's bank supervisor. It will check banks' balance sheets next year to identify possible capital shortfalls. Eventually, it will require setting up a common fund to help restructure or rescue banks, if needed.

Germany and other nations are reluctant to back such a joint financial backstop amid legal concerns and fears their taxpayers will be landed the bill to clean up messy banks in weaker European economies.

Associated Press

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