Merkel Rules Out EU Deposit Insurance, Siding With Savings Banks

  • Chancellor's rebuff is bluntest yet of the EU commission plan
  • `Just ask the savings banks and cooperative banks': Merkel

German Chancellor Angela Merkel rejected plans for a common euro-area deposit insurance system, delivering the bluntest rebuff yet to European Commission Jean-Claude Juncker and tying her government’s position directly to the interests of Germany’s politically powerful savings banks.

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