Wed, Dec 11, 2013 - Page 15 News List

US to rein in risky bank trading with Volcker rule

RISK CURBING:The rule is one of the most debated parts of a 2010 Wall Street reform act, which is aimed at preventing taxpayer bailouts of large investment banks

Reuters, WASHINGTON and BRUSSELS

“There’s a chance [of a deal]. It will be a lot of work,” German Finance Minister Wolfgang Schaeuble said.

However, a German official rejected a eurozone proposal that would allow the eurozone’s bailout fund, the European Stability Fund, to lend and help finance the cost of any future bank clean-ups.

Irish Minister of Finance Michael Noonan, arriving in Brussels, said there were still “wide differences,” while Dutch Minister of Finance Jeroen Dijsselbloem, who chairs the gatherings of eurozone ministers, said he was ready to call further meetings next week to reach a deal.

In search of a compromise, ministers from the biggest eurozone economies — Germany, France, Italy and Spain — met in Berlin last week, although details of progress were unclear.

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