EU seeks bank levy to pay for future bailouts

[May 26, 2010]  BRUSSELS (AP) -- The European Union's top financial chief is proposing that banks should pay a levy to help pay for future bailouts, lifting the burden of multibillion euro (dollar) rescues from taxpayers.

European governments are currently battling a debt crisis that has caused the euro to slide sharply against the dollar. The crisis was partly caused by the huge price states paid to rescue their financial systems over the past two years.

EU Financial Services Commissioner Michel Barnier said Wednesday it is "not acceptable" that taxpayers should pay for costs that should be borne by banks.

[Associated Press]

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