One more:
"Europe has called an end to the era of mass bank bail-outs as new rules to stop taxpayers from footing the cost of financial rescues come into force.
Private sector creditors will be forced to take the hit for bank failures as the EU seeks to end the age of "too big to fail", which has cost member states more than €1.5 trillion since 2008.
The measures - which will come into force on January 1 and apply to eurozone states - are designed to break the vicious cycle between lenders and governments that bought the single currency to its knees four years ago.
Senior bondholders and depositors over €100,000 will be in line to be "bailed-in" if a bank goes bust, a departure from the mass government-funded rescues seen in Ireland, Portugal, Spain and Greece in the wake of the financial crisis.
Brussels' tough new Bank Recovery and Resolution Directive (BRRD) will require creditors to incur losses of at least 8pc of their total liabilities before receiving official sector aid.
Britain will not be subject to the rules."
http://www.telegraph...s-are-over.html