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EU ministers unable to agree on who bails out banks

EU ministers unable to agree on who bails out banks
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European finance ministers have so far failed to reach an agreement on who should pay up when banks collapse.

An 18 hour meeting in Luxembourg broke up overnight without any consensus. Ministers say they were ‘close’ to finalising the details.

The issue at stake is a draft EU law recommending that when a bank fails the first to suffer will be the shareholders, followed by bondholders and finally depositors with more than 100,000 euros in their account.

Sweden, Britain and France say individual countries should have the final word on how to close banks.

Germany, the Netherlands and Austria want Europe-wide regulations.

The meeting will reconvene in Luxembourg on Wednesday.

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