Arab Today, arab today euro leaders edge toward \banking union\
Last Updated : GMT 15:39:00
Arab Today, arab today
Arab Today, arab today

Euro leaders edge toward \'banking union\'

Arab Today, arab today

Arab Today, arab today Euro leaders edge toward \'banking union\'

Brussels - UPI

Europe\'s leaders edged toward a controversial new blueprint for a federalized eurozone as Group of Seven finance ministers were to discuss the growing crisis. French Finance Minister Pierre Moscovici and Olli Rehn, the European commissioner for economic and monetary affairs and the euro, voiced strong backing for a new eurozone \"banking union\" to save the single currency. They said $626 billion European Stability Mechanism, due to be launched next month, should be changed so it can inject money directly into troubled banks in Spain and elsewhere. This would help rescue Spain\'s banking industry without requiring the government of Prime Minister Mariano Rajoy to comply with draconian budgetary cuts of a Greek-style bailout, which Rajoy says Spain wants to avoid. Bailing out banks directly from the new fund -- which is to replace the temporary European Financial Stability Facility and European Financial Stabilization Mechanism that bailed out Greece, Ireland and Portugal -- is not what the fund was intended to do, Rehn said. \"But we see that it is important to consider this alternative of direct bank recapitalization as we are now moving on in the discussion of the possible ways and means to create a banking union,\" he told reporters in Brussels, adding it was important \"to break the link between the sovereigns and the banks.\" Moscovici said France would call for the ECM rule change when European Union heads of state and government hold a formal summit June 28-29. \"We are in favor of this banking union,\" Moscovici said in Brussels. \"It\'s a fundamental issue for which proposals are on the table.\" Germany has opposed the idea, with German officials insisting bailout money must flow through governments, with strict conditions, but German Chancellor Angela Merkel said Monday evening Germany may soften its position a bit, The New York Times reported. \"The world wants to know how we expect the political union to complement the currency union,\" she told a news conference in Berlin. \"We have to find an answer in the foreseeable future.\" Under existing bailout-fund rules, money may go only to governments that request a state rescue -- the governments then use the cash to shore up their distressed banks. Banking analysts estimate Spain might need a bailout of more than $125 billion to shore up four of its failing banks, although the head of the eurozone\'s largest bank said the banks would need less than half that amount. Emilio Botin, executive chairman of Spain\'s Banco Santander SA, said about $50 billion \"will be enough\" for the four banks, the British newspaper The Guardian reported. U.S. Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke were to join other G7 finance ministers and central bank chiefs for a conference call about the euro crisis Tuesday. Canadian Finance Minister Jim Flaherty, who announced the meeting, told reporters in Toronto Canada was very concerned about Europe\'s financial deterioration and would inject economic-stimulus money into Canada\'s economy if necessary to help Canada weather what many economists fear is a looming global recession. Besides the United States and Canada, the G7 countries are Britain, France, Germany, Italy and Japan.

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 euro leaders edge toward \banking union\ Arab Today, arab today euro leaders edge toward \banking union\

 



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 euro leaders edge toward \banking union\ Arab Today, arab today euro leaders edge toward \banking union\

 



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 Sheraton Grand Hotel reveals its deals

GMT 12:20 2017 Monday ,25 September

Sheraton Grand Hotel reveals its deals
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 Iraq Kurds in historic independence vote

GMT 15:20 2017 Monday ,25 September

Iraq Kurds in historic independence vote
Arab Today, arab today North Korea 'more opaque'

GMT 10:50 2017 Sunday ,24 September

North Korea 'more opaque'
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 'Lady Beast' fights for girl gamers

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers
Arab Today, arab today Conditions growing dire    

GMT 09:22 2017 Monday ,25 September

Conditions growing dire    
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 Third generation adds more power

GMT 13:40 2017 Sunday ,24 September

Third generation adds more power
Arab Today, arab today Carmakers face billions in European

GMT 12:37 2017 Saturday ,23 September

Carmakers face billions in European
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Psychologists help Mexico deal

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 18:11 2017 Saturday ,23 September

Doctor provides advices to families

GMT 11:11 2017 Sunday ,24 September

The dark side of new tourism hope

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

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