Tuesday May 26, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
EU finance ministers urged to compromise on bank crisis law

Germany’s Wolfgang Schaeuble and other European Union finance ministers face calls to adopt a more flexible position on a draft bank-failure law or risk a collapse in negotiations on the legislation.

Greece, which holds the rotating presidency of the EU, warned governments that they must yield ground on a range of issues in talks with the European Parliament on a Single Resolution Mechanism for euro-area banks, because their current position “blocks any progress,” according to a document published on the EU’s website.

“A new mandate is a prerequisite for any substantial progress in the negotiations,” according to the Greek note, dated Feb. 7. Greece “will continue working on possible compromises on all open issues.”

The SRM is a key part of a flagship EU project to pool responsibility for banks in a bid to prevent future financial crises. The legislation to establish it must be approved by national governments and the EU parliament to take effect.

Lawmakers in the assembly have warned that a version of the SRM blueprint agreed on by finance ministers in December would take too long to come to fruition, would be politicized and is too complicated to ensure quick decisions.

Greece is leading negotiations on behalf of other governments.

Potential compromises that governments should consider include scaling back the role that the Council of the European Union, the EU institution that represents nations, would play in the system, according to the Greek note.

Other moves could include reducing the range of decisions that have to be referred to a full rather than executive session of a planned bank resolution board, and adjusting the board’s voting rules.

National ambassadors will discuss the draft law tomorrow ahead of a meeting of finance ministers in Brussels next week.

[Bloomberg]

ekathimerini.com , Wednesday February 12, 2014 (11:27)  
Greece´s creditors must ´get their act together´, says Varoufakis
Euro traders shed last bit of optimism from Greek February deal
Varoufakis says Greece committed to reforms, rules out more austerity
Euro falls to four-week low as Greece feadlock spurs volatility
Bad weather expected across Greece
Heavy rain, storms and hail were expected in several parts of the country late on Tuesday, with bad weather conditions persisting through early Friday, the Hellenic National Meteorological S...
EU Commission says Brussels Group on Greece meeting on Tuesday
Greece and its international creditors will hold discussions on Tuesday to find a solution to Greece's debt problems, with their work expected to continue over the coming days, the European ...
Inside News
SOCCER
Berg brace gives Panathinaikos four-point lead
Panathinaikos beat Atromitos on Sunday and took advantage of the goalless draw between PAOK and Asteras Tripolis to open a four-point gap from PAOK at the top of the Super League play-off mi...
SOCCER
Reds add Cup to league trophy with 3-1 win over Xanthi
Olympiakos completed a league-and-cup double on Saturday by beating Xanthi 3-1 in the Greek Cup final at the Olympic Stadium of Athens, that was more balanced than the final score suggests. ...
Inside Sports
COMMENTARY
Shame, justice, democracy
Contrary to the urban myth that Greek students are no longer taught Ancient Greek at school, they are both taught and tested on it. This does not mean to say, of course, that the subject is ...
EDITORIAL
Worrying signs in ruling party
Statements made by certain high-ranking SYRIZA officials during the party’s central committee assembly on Saturday are a source of concern. It has become blatantly clear by now that a signif...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Bad weather expected across Greece
2. EU Commission says Brussels Group on Greece meeting on Tuesday
3. Europe must do more on migrants, says UN chief
4. Germany sees progress on Greece, EU officials to confer on Thursday
5. Greece´s creditors must ´get their act together´, says Varoufakis
6. Euro traders shed last bit of optimism from Greek February deal
more news
Today
This Week
1. Overhaul planned for car taxation
2. Here’s a Greek business that’s booming: Making test-tube babies
3. Time running out for Greece, ESM head Regling says
4. IMF's Blanchard says Greek budget proposals not enough
5. Euro falls to four-week low as Greece feadlock spurs volatility
6. More migrants reach Greece, approaching 1,200 in 2 days
Today
This Week
1. Conspiracy madness
2. National self-awareness put to the test
3. Albanian demarche raises concerns about possible territorial claims over Greece
4. Why Greece won't hold referendum on reforms
5. Greek endgame nears for Tsipras as bank collateral hits buffers
6. Hotel contracts with a ‘Greek default clause’
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.