Despite EU finance ministers failing to reach a banking deal, Jeroen Dijsselbloem, President of the Eurogroup, explains why he still thought the meeting was a success.European finance ministers have reached the basis of an agreement to wind down failing banks and share the costs, Eurogroup President Jeroen Dijsselbloem told CNBC following a 16-hour marathon negotiating session in Brussels.
The agreement is expected to begin with a Cyprus-style “bail-in” process in which major depositors in failing banks are tapped first in an effort to support the lender. (emphasis mine)
CNBC: EU set for more Cyprus-style bail-ins for troubled banks (2013-12-11)
ZeroHedge: Part 6 – How Likely Are Bail-Ins? Bank of England Says U.S. “Could Do Today” (2013-12-11)
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