| British Chancellor Urges Rapid Action on Spanish Banking Crisis I hope the Spanish have a good sense of humour, because Britain in its current state has a cheek giving anyone advice on economic management, but that hasn't stopped finance minister George Osborne from doling out the advice regarding Spain. " In reference to the Eurozone bailout fund, he added: "We need to be certain the mechanisms already put in place can be activated. "So that, for example, Spanish depositors have confidence that they're able to leave their money in the Spanish banks, so that, for example, there are common funds to re-capitalise banks, so . Osborne also said that the EU should have a banking union. "The banks have been one of the weak links in all of this. " The Chancellor added that Britain would need "safeguards" to protect its financial sector, in the event of a Eurozone banking union. However, Cameron vetoed the decision because it left out safeguards, and Osborne also said Britain won't be part of a banking union, and will also need safeguards if one is to be formed. "Britain will require, if there is a full blown banking union, certain safeguards. "I think you would need to sort out immediately the situation in the Spanish banking system and resolve the uncertainty there, basically put money into the Spanish banking system to recapitalize it without worsening the Spanish sovereign debt situation," Osborne told BBC Radio 4. "Part of running a single currency . At the present time Spain is at the heart of the Eurozone crisis as another Spanish bank's have to be recapitalised has once again plunged the peace-meal solutions being applied as dangerously inadequate to deal with a problem of this magnitude. "Spain need to restructure their banking system, they need resources to do that. "There is no way Britain is going to be part of that banking union. We just want to suggest the solution but not be a part of it apparently. British Chancellor Urges Rapid Action on Spanish Banking Crisis |
Saturday 9 June 2012
British Chancellor Urges Rapid Action on Spanish Banking Crisis
