Arab Today, arab today eu urges \coordinated\ bank recapitalisation
Last Updated : GMT 18:30:25
Arab Today, arab today
Arab Today, arab today

EU urges \'coordinated\' bank recapitalisation

Arab Today, arab today

Arab Today, arab today EU urges \'coordinated\' bank recapitalisation

Brussels - AFP

The EU executive is proposing \"coordinated action\" by the 27 European Union states to recapitalise banks, with efforts already under way, European Commission head Jose Manuel Barroso said on Thursday. \"We are now proposing to the member states to have a coordinated action to recapitalise banks and get rid of toxic assets they may have,\" Barroso said in an interview with Euronews TV. \"We are determined to do everything necessary to ensure that Europe\'s banks are able to play their essential role,\" the Commission president said later in a separate statement. \"Recapitalisation efforts are well underway, additional efforts may be needed. Coordination at European level is of course essential,\" he said at a short news conference held with visiting Finnish Prime Minister Jyrki Katainen. The European Commission, which runs day-to-day EU business, was monitoring the situation on a daily basis in collaboration with the European Banking Authority and national supervisors, Barroso said. He admitted \"the situation in the market has changed\" since the summer when only nine of scores of European banks failed stress tests. Another 16 just scraped through. But he did not answer questions on the proposed elimination of toxic assets and refused comment on the IMF\'s suggestion that 100 to 200 billion euros are needed to recapitalise stretched banks. The comments come the same week France and Belgium were forced to leap to the rescue of Dexia, the first European bank to be dragged down by the eurozone debt crisis -- and which also had to be rescued in 2008. The debt crisis that began in Greece, snaring Ireland and Portugal on the way and now threatens Italy and Spain, is putting at risk the whole euro project as banks exposed to sovereign debt find it impossible to raise funding. The resulting \"credit crunch\" has sparked warnings of a possible replay of 2008 when US investment bank Lehman Brothers collapsed, almost taking the global financial system down with it, but for massive government support. \"Now because of the real mess where we are there is a good will to accept that we manage this collectively,\" Barroso said earlier in the TV interview. Asked to comment on how EU authorities had allowed the sovereign debt crisis to get out of hand, Barroso said: \"In fact the European Commission has always warned about the high levels of debt in our member states.\" But \"probably not so vigorously as we should,\" he admitted. \"Unfortunately at that time we did not have all the instruments we are going to have now,\" he added, referring to a new package of laws adopted this week to drastically tighten fiscal and budgetary discipline. Member states had finally accepted that euro-officials pore over national account books, Barroso said. \"Greece and other countries that are living above their means have now to make some painful adjustments and that\'s unavoidable,\" the head of the EU executive added. On Wednesday, German Chancellor Angela Merkel called on her EU partners to recapitalise the banking sector to help prevent the eurozone debt crisis spreading. Merkel said helping the banks was \"justified, if we have a joint approach,\" giving nervous financial markets an immediate boost after days of heavy losses on fears the banking sector needs help urgently. It \"is important for the markets that we achieve results... time is pressing and we have to act quickly,\" she said. Official data in Frankfurt Thursday showed eurozone banks continued to deposit large amounts of overnight funds at the European Central Bank, a signal that banks are wary of lending to each other.  

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today eu urges \coordinated\ bank recapitalisation Arab Today, arab today eu urges \coordinated\ bank recapitalisation

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today eu urges \coordinated\ bank recapitalisation Arab Today, arab today eu urges \coordinated\ bank recapitalisation

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today A no-frills business success

GMT 07:00 2017 Wednesday ,20 September

A no-frills business success
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Israel sees benefits in independent Kurdistan

GMT 07:58 2017 Wednesday ,20 September

Israel sees benefits in independent Kurdistan
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Intel chips loaded in Waymo

GMT 14:43 2017 Wednesday ,20 September

Intel chips loaded in Waymo
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Horia Farghaly happy for success of “Case G”

GMT 12:14 2017 Monday ,18 September

Horia Farghaly happy for success of “Case G”
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 06:31 2017 Saturday ,16 September

Eman Al Assy receives three offers

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:26 2017 Wednesday ,20 September

Opioid overdose deaths take 2.5 months

GMT 11:40 2017 Monday ,18 September

Russia and Iraq restore air travel

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday