The spectre of Cyprus will loom over Brussels this week as European finance ministers confront the raw question of whether big depositors should routinely suffer losses to rescue distressed banks.
EU reforms to shift resolution costs from taxpayers to creditors – a crucial part of the bloc’s push towards banking union – are stuck, while nations squabble over who should be “bailed-in” to wind up a bank or stave off its collapse.
The impasse has left European authorities ill-equipped and underprepared compared with US counterparts as eurozone financial upheavals force them to develop proposals on the hoof. As one post-
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