Germany against joint EU bank rescue fund

Tue Oct 7, 2008 4:51pm BST
 
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BERLIN (Reuters) - Germany opposes the idea of a joint European Union fund to rescue troubled banks and an Irish scheme to guarantee bank deposits is the wrong way forward, German Chancellor Angela Merkel reiterated on Tuesday.

Speaking at a special session of the Bundestag lower house of parliament devoted to the financial crisis, Merkel said: "Another option that Germany believes to be unacceptable is that 27 EU member countries open up an umbrella and pay into a joint fund."

(Reporting by Iain Rogers)

 
A dealer works on the trading floor shortly after the U.S. markets opened, at CMC Markets in London October 3, 2008. REUTERS/Toby Melville
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