On Thursday, the finance ministers from the European Union began carrying out negotiation on rules in order to save the failing banks.

The officials from the Euro zone and the International Monetary Fund have raised concerns over the aid to Greece saying that they may suspend it by the July end if the political turmoil kept the monitors from completing the review of economy of the country.

It emerged that Olli Rehn, the European Commissioner for economic and monetary affairs, was disturbed over Greece since the country was weakening their endeavors to curb the five-year-crisis.

Speaking at a news conference, Mr. Rehn said, "I love Greece but I'm very much looking forward to a Euro group news conference where Greece is not going to be discussed and a summer where we don't have any Greek crisis".

The banking union is trying to prevent occurrence of any turmoil. These policies are being considered important if the banks disclosed any new vulnerability in the stress tests. The ministers, therefore, want to develop policies that curb the banking crises.

Jeroen Dijsselbloem, the President of the Eurogroup, said that the potential retroactive application of the instrument will be finalized on case-by-case basis. The option has emerged as a crucial one for Ireland as it has invested over 30 billion euros for rescuing the banks.