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The Boston Globe

Business

EU considers shifting burden of bank failures

BRUSSELS — European Union governments want to shift the cost of rescuing troubled banks from taxpayers to the banks’ creditors — including the holders of large deposits — as part the region’s plan to shore up its shaky financial system.

Finance ministers from the 27-country bloc meeting in Brussels on Tuesday sought to hammer out the new rules on how to fund bank rescues but their discussions showed that they were still far from agreeing on the technicalities underpinning the project to build a Europe-wide banking union. That plan is key to strengthening the financial sector and avoid a repeat of the crisis.

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