E.C. Backs Direct Aid To Banks
The European Commission supports allowing the European Union’s bail-out fund to inject aid to troubled banks directly without first going through their nations’ governments, and has proposed the creation of a continent-wide deposit guarantee system and common-bond issuance to help tackle the debt crisis.
The European Central Bank has a rejected a plan by the Spanish government to recapitalize Bankia, saying the proposal could violate the European Union’s ban on central-bank funding of governments.
Click here to read the story from The Financial Times.
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