Euro zone finance ministers started tense talks on Tuesday to agree on the details of one of their most ambitious financial reforms yet with a scheme to close banks, a deeply divisive issue on which Germany has dug in its heels.
More than five years into a financial storm that toppled banks and dragged down states from Ireland to Spain, Europe wants to seal its biggest project since the euro—a framework to police banks and tackle their problems together.
As ministers gathered in Brussels, German Chancellor Angela Merkel underscored the importance of the negotiations to complete banking union—of which agreement on how to close bad banks are a key par— and said she hoped they would reach a deal before she and other EU leaders meet on Thursday.
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