December 19, 2013 / 10:54 AM / 4 years ago

Joint backstop for failed banks is convincing: Germany's finance minister

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Wolfgang Schaeuble (L) receives his certificate of appointment as Finance Minister from President Joachim Gauck during a ceremony in the Bellevue Palace in Berlin December 17, 2013.Fabrizio Bensch

PARIS (Reuters) - An EU finance ministers' agreement on a joint backstop for failed banks is convincing, German Finance Minister Wolfgang Schaeuble said on Thursday hours after a deal was reached in Brussels.

Asked at a news conference in Paris if the backstop was sufficient to assure savers and markets, Schaeuble said: "We have reached a result which is convincing."

EU finance ministers reached a deal on Wednesday over a blueprint for winding down failed banks, though it stops short of a more ambitious plan to tackle troubled lenders jointly at the euro zone level.

Reporting by Leigh Thomas; editing by John Irish

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