“We want to tell people that their savings are safe,” Angela Merkel, chancellor, said at an unscheduled press conference yesterday.
Berlin's decision – which followed Ireland's move last week to guarantee the liabilities of six of its banks – will see the abolition of its current protection scheme, which guarantees 90 per cent of all bank deposits but only up to €20,000 per account. The German move will increase pressure on other European countries to take similar measures.
The decision follows a meeting on Saturday at which leaders from France, Germany, Italy and the UK agreed not to let any large financial institution in their country fail, according to people familiar with the talks.
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