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EU leaders push for bloc-wide banking mechanism | euronews, world news
THIS IS EURONEWS, WATCH THE VIDEO IN THE LINK.
Ok. So basically, The financial crisis caused the EU to spend about 5-6trillion Euros (7.8tril $) on the banks to rescue them. On top of that, you had the countless other bailouts to various countries, and some of the money that went in the bailout went to the banks... so yeah.
This figure is comparable to what the US spent
US Bank Bailout Cost Summary - Outlays and Guarantees
4.6tril $ in federal bailouts to banks among other bailouts to various companies and what naught. And then of course, the Federal Reserve which has 6-7tril $ in govt bonds.
This entire news is of course meant to increase the importance of the ESM. the ESM = The European Stability Mechanism which is a new European bank which was officially working since september last year and has officially came into status in january this year. This bank has extraordinary powers and secrecy attached to it so yeah... and it works with countries money. Not many people know about the ESM because it wasn't really much publicized but it is an awful awful institution.
This is a link to a topic I made about it some time ago.
http://www.debatepolitics.com/europe/136351-european-stability-mechanism.html
European Union leaders are aiming to agree on a bloc-wide mechanism for dealing with failing banks by the end of the year.
Speaking at the close of an EU Summit in Brussels, European Commission President José Manuel Barroso said: “The European Commission will present its proposal for a single resolution mechanism in the next two weeks.”
“This will ensure effective European decision-making on banks in difficulties within the single supervisory mechanism. This is about making sure that it is the banks who pay for their own mistakes and not the citizens,” Barroso continued.
The announcement comes amid widespread anger from European taxpayers at the huge sums spent on saving commercial banks that are seen as having got themselves into trouble.
Between 2008 and 2011, the EU spent the equivalent of a third of its economic output to rescue failing banks.
THIS IS EURONEWS, WATCH THE VIDEO IN THE LINK.
Ok. So basically, The financial crisis caused the EU to spend about 5-6trillion Euros (7.8tril $) on the banks to rescue them. On top of that, you had the countless other bailouts to various countries, and some of the money that went in the bailout went to the banks... so yeah.
This figure is comparable to what the US spent
US Bank Bailout Cost Summary - Outlays and Guarantees
4.6tril $ in federal bailouts to banks among other bailouts to various companies and what naught. And then of course, the Federal Reserve which has 6-7tril $ in govt bonds.
This entire news is of course meant to increase the importance of the ESM. the ESM = The European Stability Mechanism which is a new European bank which was officially working since september last year and has officially came into status in january this year. This bank has extraordinary powers and secrecy attached to it so yeah... and it works with countries money. Not many people know about the ESM because it wasn't really much publicized but it is an awful awful institution.
This is a link to a topic I made about it some time ago.
http://www.debatepolitics.com/europe/136351-european-stability-mechanism.html