UK wants safeguards if euro zone creates bank union

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Britain will want to ensure safeguards are in place to protect its financial sector if the euro zone moves towards establishing a banking union, British finance minister George Osborne said on Thursday.

In an interview with BBC Radio 4, Osborne also urged the single currency bloc to use its bailout fund to recapitalise Spain's troubled banks.

"There is no way that Britain is going to be part of any euro zone banking union," Osborne said.

"I think Britain will require certain safeguards if there is a full blown banking union."

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