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EU Rushes To Make ECB Single Bank Watchdog In Race For Spain
Europe’s quest to sever the link between Spain’s fiscal fate and its failing banks hinges on an obstacle-strewn race to hand greater powers to the European Central Bank. Until euro-area leaders overcome German doubts, ECB concerns, and turf battles everywhere, Spain will remain on the hook for a bailout of its banks of as much as 100 billion euros ($121 billion). Policy makers want to protect taxpayers from losses so potentially big they risk bankrupting governments, as happened in Ireland and Iceland. “We have got to cut the fatal loop between sovereigns and banks, which will otherwise bring the euro-zone ... (full story)
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