Top ECB official says "urgent financial overhaul" neededMay 25, 2012 - 15:15 AMT PanARMENIAN.Net - A top European Central Bank officials says the 17 countries that use the euro need an "urgent overhaul" of their banking and financial system to deal with the debt crisis. Peter Praet says that the crisis has been reversing much of the financial integration brought about by the euro, with bond and money markets now charging some countries much higher interest premiums for added perceived risk. He called for a eurozone-wide banking regulator with the money and authority to restructure banks operating across borders. Right now national banking regulators have been slow to force shaky banks to restructure. Fears of heavy bank losses are a key part of the eurozone crisis. Praet also called for a eurozone-wide deposit insurance program similar to the U.S. Federal Deposit Insurance Corporation, the Associated Press reported. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Court in Azerbaijan extends former Karabakh leader’s arrest by 5 months The Binagadi District Court in Azerbaijan has granted the prosecutor’s petition to extend the arrest of Arkady Ghukasyan. Ucom General Director joins High-Tech Development Panel Discussion The discussion was titled "The Role of International Corporations and Investors as Catalysts for Development of High-Tech Ecosystem." Dozens detained as antigovernment protest continue in Armenia At least 63 people demanding Prime Minister Nikol Pashinyan’s resignation were detained on May 14 as they blocked streets in Yerevan. Family of Ilham Aliyev’s security chief owns vast property in UK As head of security for Azerbaijan’s president, Eyyubov is closely trusted by one of the world’s most authoritarian leaders. |