German Banks Pleased Summit Didn’t Result in Deposit Guaranteee
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German savings banks said they were pleased that the most recent European Union summit to stem the sovereign debt crisis didn’t result in a pan-European deposit insurance plan.
“This is a big achievement by Chancellor Angela Merkel,” Georg Fahrenschon of the DSGV banking group said in a statement today. “It will avoid a situation in which German savers could be liable for ailing foreign banks.”