15.06.201721:47:00UTC+00EU's Dijsselbloem Says Banco Popular Rescue Laudable

The head of eurozone finance chiefs commended the sale of Banco Popular to Santander, saying the officials involved in the resolution acted cleverly and promptly.

Eurogroup chief Jeroen Dijsselbloem on Thursday dismissed criticisms against the decision, commending the move because it created stability, safeguarded taxpayers' and protected depositors.

An EU official engaged in talks among finance ministers said no one denounced the operation, as there was no public funding in sight and no available alternative solution.

Last week, Santander acquired Banco Popular for €1. The Single Resolution Board was prompted to sell the troubled bank as the latter's liquidity worsened. The mechanism was implemented after the region's debt crisis to settle bank financial troubles and lower taxpayer costs.