ECB Vice President Vitor Constancio

ECB Vice President Vitor Constancio

Kiyoshi Ota/Bloomberg

“Bailout of banks is for governments to do, if they wish and can do it,” said Vitor Constancio, vice president of the European Central Bank. “Here it’s for resolution, which means funding by the sector itself and then the pecking order” of creditors who are in line to absorb losses.