ECB head calls for creation of common bank bailout fundOctober 9, 2012 - 14:44 AMT PanARMENIAN.Net - European Central Bank head Mario Draghi is urging creation of a common bank bailout fund to prevent bank failures from wrecking the financial system or costing taxpayers money, The Associated Press reports. Draghi said Tuesday, Oct 9 in the European Parliament that such a bank resolution fund is the way to avoid the kind of disruption that occurred after the failure of U.S. investment bank Lehman Brothers in 2008. “The measure would put Europe in a position where we can afford to let fail an important institution. You need to have a common resolution framework, which we don't have now,” he said. European officials are working on putting the ECB in charge of supervising banks, but have held off including a bailout fund in their proposal. Bailouts have weighed on the finances of Spain and Ireland. 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 | Get Started: An educational platform for young startuppers The Get Started program which operates in two phases is an important platform for young startuppers. Byblos Bank Armenia celebrates Students' Day with scholarship recipients YSU students who received scholarships from Byblos Bank Armenia gathered in a casual setting to meet with the Bank's CEO, Hayk Stepanyan. Azerbaijan extends Rune Vardanyan’s arrest by 5 months A court in Azerbaijan has extended the arrest of former Nagorno-Karabakh leader Ruben Vardanyan by five months. Armenia border residents dissatisfied with delimitation Residents Kirants are dissatisfied with the results of the delimitation of the border between Armenia and Azerbaijan. |