ESM direct recapitalisation gets go-ahead
Eurozone finance ministers today reached agreement over the main elements of direct bank recapitalisation powers to be granted to the European Stability Mechanism (ESM).
A meeting of the Eurogroup on June 20–21 agreed strict terms under which the ESM could provide funds directly to eurozone banks on the brink of collapse.
First, banks must have "an appropriate level" of bail-in applied. The country requesting assistance must not be able to perform the recapitalisation itself without "very
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