IIF on European Bank Recapitalization

Charles Dallara who is Managing Director of the International Institute of Finance said the following in a letter he submitted to G20 leaders before the start of the meetings in Cannes tomorrow and Friday.

“It is essential for the official sector to begin viewing the banking system as an indispensible partner in fostering recovery, rather than an adversary on which it is necessary to impose ever more punitive measures.” 

Interesting how the banks who are again on the brink of failure again are going against an increase in capital requirements which will help keep banks solvent and depositors safe.

Read Bloomberg story here.