EU states reach deal to ease banks' bad loan recovery
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BRUSSELS (Reuters) - European Union governments reached a deal on Wednesday on new rules to facilitate banks' recovery of assets from borrowers who default, an EU statement said.The new rules, which need to be backed by the European Parliament, would introduce a mechanism to favour out-of-court procedures on foreclosures, speeding up banks' recovery of collateral used by borrowers to obtain loans when they fall behind on their repayment schedule.The EU's stock of non-performing loans is at its..