Europe guarantees all bank deposits
TEXT OF STORY
Stacey Vanek-Smith: A meeting of Europe’s 27 finance ministers in Luxembourg wrapped up with guarantees for European bank accounts. Megan Williams has more.
Megan Williams: Europe’s finance ministers emerged from the meeting promising more financial soundness and stability. But the only concrete decision was a promise to guarantee all European bank deposits up to $70,000. Many larger countries like France wanted to insure twice that amount, but smaller, poorer E.U. countries can’t afford it.
Europe’s finance ministers also agreed to allow more flexibility in bank accounting rules after the U.S. relaxed its rules to help banks avoid fire sales. The worldwide credit crisis will undoubtedly be the focus of this Friday’s G-7 finance meeting in Washington.
I’m Megan Williams for Marketplace.
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