Eurogroup to discuss bank resolution guidelines

FXstreet.com (Barcelona) - Eurozone finance ministers are due to meet today in Brussels ahead of the European Council summit which starts tomorrow. They will try to hammer out an agreement on the bank recapitalization, having been unable to reach a consensus on the matter last Saturday.

The Eurogroup's aim is to set guidelines for bank recapitalization, according to which investors and creditors would have to take losses during a bank failure, instead of the taxpayers. Some issues remain unresolved however, such as the amount of flexibility which the EU Member states will be given in implementing the new rules.

The Eurogroup meeting is due to kick off at 16:30 GMT today.