Failing banks in Europe can now be dismantled or
restructured more quickly and effectively.
Agreement was reached early on Thursday morning after
16 hours of negotiations between the European Parliament and the EU Member
States.
"This is very good for restoring confidence in
European banks. This will also boost lending to our businesses and households",
said EPP Group Vice-Chairwoman Corien Wortmann-Kool MEP, one of the lead
negotiators.
Thanks to the efforts of Wortmann-Kool and the
European Parliament, the procedure has been shortened: "Problem banks should be
treated within a weekend. This is a big plus of this agreement; a year ago we
clearly saw that the extensive talks on Cypriot banks raised the costs." The agreement will reduce undue political
interference in the procedure: "This ensures that banks are treated in the same
way across Europe, in whichever country they are located. This is a guarantee
that painful but necessary measures are really put into practice. This is much
fairer."
Instead of the taxpayer, a fund (filled by banks)
will now pay for failing and ailing banks. The structure of the fund was
discussed in detail in the negotiations. The deal is that the national shares of
the fund will be merged for 70% within 3 years. "This increases the firepower of
the fund and will prevent huge bills for the taxpayer", concluded Wortmann-Kool....Spaniards want out of the EU ...
March 22, 2014 2:47 p.m. ET
MADRID—Tens of thousands of demonstrators from across Spain marched in central Madrid to protest government measures they claim have eroded civil rights in the country.
Six columns of protesters, each from a different region of Spain, arrived at the outskirts of the city early on Saturday, before heading for Colon square, carrying banners bearing "out of EU" signes...
Six columns of protesters, each from a different region of Spain, arrived at the outskirts of the city early on Saturday, before heading for Colon square, carrying banners bearing "out of EU" signes...
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MADRID (AP) -- Spanish police and protesters clashed during an anti-austerity demonstration that drew tens of thousands of people to central Madrid on Saturday. Police said in a statement that six officers were injured and 12 people were arrested.
As a final speech was being given, some protesters attempted to break through a police barrier and make their way toward the nearby headquarters of the governing conservative Popular Party. Riot police then charged the protesters, who hurled bottles and other objects, and beat them back with batons.
One police vehicle and a bank were damaged by protesters. It wasn't immediately clear how many protesters were injured, and if anybody was seriously hurt on either side.
Protesters say Prime Minister Mariano Rajoy's government has eroded Spain's much-valued public health and education systems, while saddling Spaniards with sky-high unemployment and more debt.
Six columns of protesters - each from a different region of Spain - had arrived at the outskirts of the city early Saturday before heading for Colon square, carrying banners bearing the slogan "Marching for Dignity."
By late afternoon, Madrid's principal boulevard, Paseo del Prado, was packed with people chanting against government's austerity policies and the cuts they have entailed.
"I don't want corruption, government cuts and unemployment," said office worker Susana Roldan, 24. "What I want is a secure future in Spain."
Rajoy's conservative government has a large parliamentary majority, enabling it to push through waves of austerity-driven, unpopular tax hikes and government program cutbacks since taking office in 2011, in a bid to reduce Spain's budget deficit.
Spain's economy began to crumble in 2008 with the collapse of its bloated real-estate sector. It emerged from a two-year recession late last year as investor confidence returned and the country's borrowing costs dropped from perilously high levels in 2012 to pre-crisis rates this year. But unemployment is still cripplingly high at 26 percent, leading many to seek work oversees.
The protest includes trade unions, civil servants and organizations representing people evicted from their homes for not being able to make mortgage payments after losing their jobs.
One woman carried a banner saying, "My daughter can't be here because she's had to emigrate."
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