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Reuters (via Chicago Tribune): Bank union won't absorb old risks: ECB's Weidmann (September 27, 2012)
"Anything else would be a financial transfer and those should be made transparent and not hidden under the cloak of a banking union," he said. "The primary goal of a banking union cannot be the sharing of risks."

Earlier this week, a deep divide opened between the bloc's fiscal conservatives - Germany, Austria, the Netherlands, and Finland - and its more needy partners when the four nations said that a clear line needed to be drawn between new and "legacy" difficulties that could be shouldered by the euro zone's permanent rescue fund, the ESM.

The new position, which appeared to unravel much of the bank recapitalization plans agreed at the last European summit in June, made it clear that highly indebted banks in Spain, Ireland and Greece will remain the responsibility of those countries' governments.

I distribute. You re-distribute. He gives your hard-earned money to lazy scroungers. -- JakeS
by Migeru (migeru at eurotrib dot com) on Fri Sep 28th, 2012 at 09:32:11 AM EST
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