New European legislation covering the way EU financial bailouts will be resolved goes into effect tomorrow as an intermediary step to improve the legal framework for handling the ongoing crisis before the Single Resolution Mechanism (SRM) is finalized next year.
EU’s Attempt To Bail-In Cypriot Depositors
“Bank bailouts will be organized around two major principles,” says Natixis economist Alan Lemangnen. “A restructuring of the institution facing problems will now be a precondition for any disbursement of public aid, and the restructuring plans must provide for a bail-in of shareholder and subordinated debts.” Deposits will be excluded...
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