No more public money for failing banks, EU's Almunia says

07/18/2013 | Reuters

EU Competition Commissioner Joaquin Almunia says there is no more public money available for banks that fail an upcoming round of stress tests and need more funding. "It will not be possible to resort to public money again," Almunia said. "If there are banks that are close to bankruptcy, they must be wound down, and indeed exactly according to the new rules."

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