Posted on 07/11/2014 10:12:12 AM PDT by Olog-hai
The EU’s bailout fund has moved closer to being able to directly pump money into troubled banks after the German government introduced a bill allowing direct bank recapitalization.
The draft law will now require approval in the Bundestag, but is planned to enter into force in November.
“This is an important step to stabilize our financial sector … and to increase further the trust in our common European currency,” said finance minister Wolfgang Schäuble on Wednesday (9 July).
He added that the law would help “rule out the risk that the taxpayer would have to accept liability, as in the financial crisis”. …
(Excerpt) Read more at euobserver.com ...
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