Asia News

Move to back bank debt

Written by Writer on Monday, October 13th, 2008

Move to back bank debt

NST Online

PARIS: A draft declaration by leaders of the 15 countries in the euro zone says their governments will temporarily guarantee future bank debt.

It says the governments will guarantee “for an interim period and on appropriate commercial terms” new debts caused by bank lending during the next five years, adding “this scheme would be limited in amount, temporary and applied under close scrutiny of financial authorities until Dec 31, 2009″.

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News Topics : Bank Debt, Countries In The Euro, Debts, Draft Declaration, Euro Zone, Financial Authorities, Governments, Guarantee Bank, Interim Period, Limited, Next Five Years, Paris, Scrutiny