Friday Jan 30, 2015 Search
Weather | Athens
16o C
13o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Dijsselbloem joins euro bank-failure talks as time runs short

Dutch Finance Minister Jeroen Dijsselbloem will join negotiations with the European Parliament in a last-ditch bid to broker a deal on a euro-area bank-failure bill.

Dijsselbloem and his Greek counterpart, Yannis Stournaras, will begin talks with top parliament lawmakers at 3 p.m. in Brussels on Wednesday, with all key points still open on creating a Single Resolution Mechanism to handle failing euro-area banks. The meeting is the last scheduled before a March 26 deadline set by Greece, which holds the EU’s rotating presidency.

“Finding an agreement on the SRM is our absolute priority,” Michel Barnier, the bloc’s financial-services chief, told legislators on Tuesday. “We have enough elements in play to reach a deal tomorrow.” Barnier will also take part in the meeting.

The SRM is part of an EU effort to prevent future financial crises by pooling responsibility for euro-area banks, a project known as banking union. A blueprint put forward last year by Barnier would create a central resolution board backed by a 55 billion-euro ($77 billion) fund financed by industry levies. If the law’s not passed before European elections in May, a delay of a year or more could ensue, according to EU President Herman Van Rompuy.

Greece has said that March 26 is the last day a deal could be reached and still be processed in time for the texts to be voted on in April at the assembly’s last plenary session before the election.

ECB Executive Board member Yves Mersch said last week that not having the SRM “would be very close to suicide.” The ECB assumes full oversight of euro-area banks in November. “I don’t underestimate the difficulty of the subject, also in view of some constitutional constraints that might exist in some countries,” he said.

Barnier said Tuesday that “banking union cannot function correctly in the absence of a Single Resolution Mechanism alongside European-level supervision.”

The EU Parliament and the bloc’s finance ministers proposed competing visions of SRM in December. They’re now haggling over a compromise text of the bill, which both must approve.

Dijsselbloem and Stournaras will lead the negotiating team representing EU member states. The parliament’s team is led by Portuguese lawmaker Elisa Ferreira.

The EU assembly has challenged an array of changes made by governments to Barnier’s blueprint for for SRM, including steps to give national governments and national regulators more power in the system, a move that lawmakers claim will make the SRM too convoluted to be effective.

Lawmakers are also calling for the planned fund to be effective from day one of the SRM, and are opposed to a plan put forward by governments to pool the money steadily from national compartments over ten years.

[Bloomberg]

ekathimerini.com , Wednesday March 19, 2014 (14:43)  
Increase in minimum salary is left aside for now
Decline in euro rate has exporters eyeing growth in 2015
TAIPED is stripped of its management and most projects
Tourism to build on last year’s massive growth
Judges´ report on Golden Dawn case expected next week
A final decision by the Council of Appeals Court Judges weighing the merits of the case against ultranationalist party Golden Dawn is expected next week, marking the final step for the case ...
Karamanlis, Bakoyannis discuss ND´s future
Ex-Foreign Minister Dora Bakoyannis remained tight-lipped on Friday after an hourlong meeting with former Prime Minister Costas Karamanlis as New Democracy continues to absorb the impact fro...
Inside News
SOCCER
Gattuso: Unpaid OFI players couldn´t buy food
Former coach Gennaro Gattuso has lifted the lid on the plight of crisis-club OFI Crete which has been banned from playing in the Super League until it clears mounting debts with its staff. T...
SOCCER
Olympiakos draws AEK in Cup quarterfinals
The dream draw of Olympiakos vs AEK in the quarterfinal materialized on Friday, as two of the capital's three giants will face off in a two-leg tie for a place in the semifinals of the Greek...
Inside Sports
INTERVIEW
SYRIZA must come up with ‘pragmatic solutions,’ Schulz tells Kathimerini
“SYRIZA must realize that it is now the Greek government, not a party running an election campaign,” European Parliament President Martin Schulz, the first European official to visit Greece ...
COMMENTARY
Strange haste
The members of the new government must have a lot of confidence in themselves. Several days before announcing his program, Prime Minister Alexis Tsipras and his cabinet have opened up a mult...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Increase in minimum salary is left aside for now
2. Decline in euro rate has exporters eyeing growth in 2015
3. TAIPED is stripped of its management and most projects
4. Tourism to build on last year’s massive growth
5. HFSF portfolio sees its value diminish
6. Judges´ report on Golden Dawn case expected next week
more news
Today
This Week
1. SYRIZA must come up with ‘pragmatic solutions,’ Schulz tells Kathimerini
2. Why Greece went left while Europe turns to right
3. Capital flees Greece at fastest pace since 2011
4. Greek government's signals very mixed, ECB's Jazbec says
5. EU's Schulz: Greece should follow EU line on Russia
6. Monastiraki restaurant fire prompts panic, restricted before spread
Today
This Week
1. Greek Elections 2015 | LIVE
2. SYRIZA heads for historic victory but without majority
3. Greek Elections 2015 | LIVE
4. Greek Elections 2015: The day after | LIVE
5. SYRIZA's win will test institutions
6. Poll shows SYRIZA leading ND by 4 pct
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.