European finance ministers are due to reconvene on Wednesday after yesterday failing to agree on...

|By:, SA News Editor

European finance ministers are due to reconvene on Wednesday after yesterday failing to agree on rules about who should bear the brunt of rescuing failing banks in the EU so that taxpayers don't have to. Germany and other eurozone countries want to use Cyprus as a template and impose losses on shareholders, bondholders and then deposits of over the €100,000. France, Britain, Denmark and Sweden want flexibility in whether to take such steps.