European Union considers protecting savers against future bank collapses

BRUSSELS: Depositors should be the very last to suffer losses when a bank collapses, according to a proposal being discussed by European Union countries and seen by Reuters, which would shield savers from the kind of losses they face in Cyprus.

ECB official calls for urgent financial overhaul

FRANKFURT, Germany (AP) — A top European Central Bank official says the 17 countries that use the euro need an "urgent overhaul" of their banking and financial system to deal with the debt crisis, including a multinational authority with the power to restructure and bail out banks.