De Jager Ties Bank Recapitalization to Budget Control, FTD Says

Dutch Finance Minister Jan Kees de Jager said he will tie his approval of an expansion of the region’s rescue fund and its use to recapitalize banks to more control over debt-strapped countries’ budgets, Financial Times Deutschland reported, citing an interview.

“We will only approve bank recapitalizations through the rescue fund EFSF or its expansion if our request for more control is met at the next summit,” de Jager told the newspaper in an interview. De Jager envisages the creation of a special commission to monitor countries breaching the region’s budget rules and dictate fiscal policy if needed, FTD reported.

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