Bruno Waterfield
June 28, 2013

The new guidelines have the aim of ensuring that taxpayers are no longer the first in line to take on the burden of banking failures following a European sovereign debt crisis driven by multi-trillion government bailouts and guarantees for the financial sector since 2008.

Jeroen Dijsselbloem, the chairman of the Eurogroup of finance ministers, hailed the agreement as a major step towards a “banking union” and away from state funded aid to recapitalise or bailout troubled banks across Europe.

“For the first time, we agreed on a significant bail-in to shield taxpayers, to break the vicious circle of sovereigns and banks, and to induce banks to behave more responsibly,” he said early on Thursday morning.

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