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(Title) Everybody cares about the welfare of Bankers … Why ;;;;
rescue fund, established to support the Member States which are threatened with bankruptcy, it could well be used to rescue their banks, said today the European Commissioner for Economic Affairs Olli Rehn.
To ease concerns about the robustness of the European banking system, after the crisis in Greece and the imminent spread to Spain and Portugal, European leaders have stressed that the called “stress test” for the exposure of large European banks with risky businesses should be published.
Rehn stressed that European funds should be ready in case the publication of these trials expected later this month, reveal a problem.
«You need to have cash reserves ready when vulnerabilities are found,” said Rehn, speaking to the Economic Committee of the European Parliament in Strasbourg.
«First funds are those for the stability of national budgets and the second line of defense we have the figures for the European economy, “he said.
European intervention could be” combined, if necessary, with the assistance IMF, which has promised to contribute 250 billion euros in the colossal support mechanism 500 billion (440 billion from government and 60 billion from the European Commission) decided by the EU in May.
However, Rehn stressed that the assistance will be given conditional on countries to submit updated austerity “will focus mainly on updating the banking sector and the likely need for recapitalization».
Special repeatedly have stressed that Spain may need outside help to rebuild the network of regional banks, which are particularly affected by the collapse of the manufacturing sector. In this case the 60 billion euro, which has the mechanism to support the European Commission, will be ready.
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6-7-2010
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