One year earlier than required, the German government approved plans to force creditors into propping up struggling banks across Europe. As WSJ reports,
Germany "leads the way" in Europe by implementing European rules
quickly and "creates instruments that allow the winding-down of big
systemically relevant institutions without putting the financial
stability at risk." What this means is that taxpayers (theoretically) will not be on the hook
(though in reality we are sure the mutually assured destruction defense
will be played - especially if Deutsche runs into problems) but as
German authorities explain, "This ensures that in times of crisis mainly
owners and creditors will contribute to solving the crisis, and not
taxpayers." As a gentle reminder - creditors includes depositors... remember Cyprus?
As WSJ reports, Germany's cabinet Wednesday approved plans to force creditors into propping up struggling banks beginning in 2015
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