EU to Seek Deal Eurozone Bank Supervision
The agreement "historic" is, after 14 hours of talks and less than 12 hours from the start of summit of EU leaders, who ordered the rapid preparation, announced by the chairman of the meeting and the Minister of Finance of Cyprus, Vassos Shiarly.
"As you know, this is a key element in our plans to build a banking union," said Shiarly a news conference at 4:40 pm local time.
He said "all the goal is to restore confidence in the banking sector" and compare the deal with the "Christmas in the whole of Europe."
Single Supervisory Mechanism (SSM) will allow the euro zone rescue fund in direct recapitulate banks like those that failed in Greece and Spain, where the property boom wave which led to a series of debt.
