16.04.2014 12:46
YEREVAN, April 16. /ARKA/. MEPs have backed rules for a banking safety net to minimise the risk of further EU taxpayer-funded bailouts.
A new European authority will have the power to wind up or restructure failing banks - the so-called Single Resolution Mechanism (SRM).
The shake-up of bank rules is aimed at preventing crises such as those which hit Greece, Ireland and Cyprus, whose banks were bailed out at huge cost.
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