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2013-07-11 — bloomberg.com
The European Union's executive arm proposed procedures for handling failing banks with a 55 billion-euro ($70 billion) backstop, setting up a showdown with Germany over control of taxpayers' cash... The plan, intended to complement the European Central Bank's oversight of euro-area lenders, includes a common resolution fund financed by levies on banks. The fund would be able to tap markets, backed by the assets of the banks it covers...
Barnier insisted that he has built safeguards into the plans to protect national governments from being railroaded into using taxpayer money. "The text states explicitly that the resolution board would not, in any scenario, be allowed to commit a member state's public money without its agreement," he said in an interview.
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