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Eurozone finance ministers will be back in Brussels on Tuesday to broker a deal (Photo: Leonid Mamchenkov)

EU in new bid to broker bank closure deal

EU officials have a new proposal on the table as they try to agree on rules to wind up ailing banks this week.

Eurozone finance ministers will meet in Brussels on Tuesday (17 December) to discuss the fresh compromise, which was prepared by the Lithuanian government in its role as the EU's current presidency.

Under the text, the costs of closing down a bank in the first year after the deal would be fully covered by a fund set up by the country where the bank resides.

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Author Bio

Benjamin Fox is a seasoned reporter and editor, previously working for fellow Brussels publication Euractiv. His reporting has also been published in the Guardian, the East African, Euractiv, Private Eye and Africa Confidential, among others. He heads up the AU-EU section at EUobserver, based in Nairobi, Kenya.

Eurozone finance ministers will be back in Brussels on Tuesday to broker a deal (Photo: Leonid Mamchenkov)

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Author Bio

Benjamin Fox is a seasoned reporter and editor, previously working for fellow Brussels publication Euractiv. His reporting has also been published in the Guardian, the East African, Euractiv, Private Eye and Africa Confidential, among others. He heads up the AU-EU section at EUobserver, based in Nairobi, Kenya.

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