Luxembourg – European Union finance ministers failed to secure an agreement on how best to downsize or close banks without calling on taxpayers to bail out ailing lenders, a top official said early today.
Despite intense negotiations until the wee hours, ministers remained at odds on key points and will reconvene for an extraordinary session Wednesday, French Finance Minister Pierre Moscovici said.
The breakdown in negotiations could undermine trust in Europe’s ability to stabilize its financial system.
N. Korea envoy wants U.N. out of S. Korea
United Nations – North Korea’s U.N. envoy demanded the dissolution of the United Nations Command in South Korea on Friday, accusing the United States of using the force to prepare for war against the North and build an Asian version of NATO to realize President Barack Obama’s pivot to Asia.
Ambassador Sin Son Ho told reporters at a rare news conference that the most pressing issue in northeast Asia today is the hostile relations between North Korea and the United States “which can lead to a new war at any moment.”
He reiterated North Korea’s surprise offer June 15 of wide-ranging senior-level talks with the United States “to defuse tension on the Korean peninsula and ensure peace and security in the region.”
Sin said U.S.-North Korea talks should include replacing the armistice agreement that ended the 1950-53 Korean War. He stressed that one of the “prerequisite requirements” for establishing “a peace mechanism” to replace the armistice is the dissolution of the U.S.-led U.N. Command, which oversees the armistice.
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