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ECB sticks with bad loan proposal amid growing backlash


By John O'Donnell and Balazs KoranyiFRANKFURT/WASHINGTON (Reuters) - The European Central Bank on Friday rejected criticism of its plans to tackle soured bad debt, arguing that the move was both legal and necessary to resolve a nagging problem that has bogged down banks for a decade.With support from the International Monetary Fund, ECB bank supervisor Daniele Nouy said the central bank is not creating an additional obligation for banks and the ECB even went beyond the necessary to involve all parties before laying down its proposals. At the centre of the dispute is how best to tackle ...

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First Published: Sat, October 14 2017. 00:57 IST