Sunday November 23, 2014 Search
Weather | Athens
18o C
10o 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)  
Fitch keeps Greek rating at ‘B,’ outlook stable
More cash for banks with same papers
Growth to fuel rise in revenues
Commercial property draws interest from investors
Cyprus on agenda in Biden visit to Istanbul
The prospects for the resumption of stalled peace talks on Cyprus and the issue of energy security were among the matters discussed on Saturday by US Vice President Joe Biden and Turkish gov...
PASOK nixes Papandreou leadership challenge
The junior coalition partner PASOK rejected over the weekend a proposal by the party’s former leader and ex-premier George Papandreou for the party to call an emergency congress and a subseq...
Inside News
INTERVIEW
Tokyo hopes to change the world
The 2020 Summer Olympic and Paralympic Games in Tokyo will serve as a springboard for the rebuilding of Japan’s image and economy following the triple blow of the earthquake, tsunami and nuc...
BASKETBALL
Big win for Greens, tight one for Reds
Panathinaikos scored a crucial as well as emphatic away win at Turow on Thursday that should see it qualify from its tough group to the top 16 of the Euroleague, while Olympiakos saw off vis...
Inside Sports
COMMENTARY
Is Europe paying attention?
Barack Obama brought hope to the entire world when he was elected president of the United States in 2009 and then again in 2012 for a second term. During his first visit to Europe, marked by...
EDITORIAL
A reasonable agreement
Greece cannot and should not allow itself to be left without a safety net to make up for any funding needs that may crop up after the end of the year. Without such protection it would be at ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Cyprus on agenda in Biden visit to Istanbul
2. PASOK nixes Papandreou leadership challenge
3. Troika tests gov’t nerves as budget rift persists
4. Climate change to hit farming, Greek coastline
5. Piraeus nightclub shooting leaves 3 seriously injured
6. London court to rule on extradition of former judge
more news
Today
This Week
1. Piraeus nightclub shooting leaves 3 seriously injured
2. Fitch keeps Greek rating at ‘B,’ outlook stable
3. Climate change to hit farming, Greek coastline
4. PASOK nixes Papandreou leadership challenge
5. Cyprus on agenda in Biden visit to Istanbul
6. Troika tests gov’t nerves as budget rift persists
Today
This Week
1. Double quake on Atalanti fault line rattles Greek capital [Update]
2. Greece and Poland switch roles as young Greeks head to vibrant Eastern European country for better prospects
3. Anti-junta uprising anniversary to be marked amid tight security
4. Biden heads to Istanbul amid tension over Cyprus EEZ violation
5. Carlsberg takes control of Greek brewer Olympic Brewery [Update]
6. Every age has its collaborators
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.