Agence France-PresseDecember 12, 2013 02:20
EU nations agreed new rules for bank bailouts or "bail-ins" late Wednesday, to save taxpayers from paying for the rescue of ailing financial institutions, an official said.
"Big step tonight," EU Commissioner Michel Barnier wrote on Twitter. "Taxpayers (are) no longer in front line" to pay for banks' mistakes, he added.
"Banks will have to put money aside for rainy days. We are learning lessons of crisis," he said after the agreement was reached by representatives of the European Parliament, the European Council -- the EU's executive arm -- and the 28 member states.