Posted on 09/26/2013 9:37:27 AM PDT by Olog-hai
The European Commission wants to create a new financial backstop for ailing banks from its member countries that do not use the euro currency.
The 17 EU countries that use the euro have a €500 billion fund, called the European Stability Mechanism, that they can tap to help rescue troubled banks. But the other 11 members, which include Britain, Poland and Hungary, do not.
For those countries, the Commission, the 28-nation EU’s executive arm, is proposing to use an existing €50 billion ($68 billion) fund currently being used as a backstop for countries experiencing a balance-of-payment crisis, Commission spokesman Simon O’Connor said Thursday. …
(Excerpt) Read more at hosted.ap.org ...
Completely irresponsible.
Poorly managed banks SHOULD fail.
Then well managed banks can come in and pick up the pieces and move on.
The whole European Union runs according to the social market economy by treaty. Unless the whole EU is scrapped, such banks would be the same as the banks that preceded them.
Why don’t we just loan it to them.
Shouldn’t take more than a couple of hours to print it up.
Scary is that Obama and the Free Trade Communist NutJobs are currently working on a “Trade Deal” between the US and the EU
You can bet...like the bailout of Mexico after NAFTA was signed....there will be a US bailout of Europe from a US-EU trade pact disaster
A billion here and a billion there and pretty soon you’re talking about serious money.
My standard response to any bank wanting a bailout due to failed policies: “Fire your incompetent CEO and Board of Directors. Then have the new bunch contact us and we’ll see what we can work out.” As long as they don’t do this, the same consequence-free mistakes will be made again and again.
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