France hails new eurozone banks mechanism, but analysts unconvinced

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François Hollande says new institution to save or shut troubled eurozone banks will spare governments, but financial experts are sceptical.

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European Union leaders gave an enthusiastic thumbs-up Thursday to a new mechanism agreed on to handle ailing banks, but analysts likened it to a band aid that falls short of what is needed to stabilize the bloc’s financial system, reports The Washington Post.