Wall Street Journal
October 22, 2011
European finance ministers fell short of finalizing a bank recapitalization plan Saturday even as they narrowed the options for boosting the region's bailout funds with a new proposal to set up a special purpose vehicle that could draw in commitments from private investors and sovereign wealth funds.
After a 10-hour meeting of European Union finance ministers Saturday that ran well over schedule, Swedish Finance Minister Anders Borg and U.K. Chancellor of the Exchequer George Osborne said there had been "some progress" during the talks. But Mr. Borg admitted they had not sealed agreement on at least one key aspect—raising the minimum tier-one capital ratio banks must hold.
"We have laid the foundation for an agreement on the capital-ratio question," he told reporters on his way out of the meeting. "We made some progress on the bank recapitalization side."
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