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EU Bank Union Accord Appropriately Assigns Liability, Bild Says

A banking union accord brokered by European leaders yesterday that puts creditors at the forefront of rescuing failing lenders is a breakthrough in righting “one of the biggest injustices of the financial crisis,” Germany’s Bild Zeitung said.

In an editorial published tomorrow, the country’s biggest-selling daily newspaper said the accord “finally puts liability back on its feet again” after “millions of small taxpayers” were forced to rescue banks across the EU.

“What does a German or an Italian checkout lady have to do with the bad real-estate loans of a bankrupt Irish bank?” the editorial asked, replying with the line: “That’s over now.” The Axel Springer AG paper with a circulation of about 3.3 million said it’s “bitter” that depositors may also be enrolled in rescuing lenders alongside their owners and creditors.

The main opposition Social Democrat and Green parties in Germany, where an election will be held Sept. 22, said today the accord was faulty, leaving too much scope to national governments to shift bank rescues back to the shoulders of taxpayers.

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