A public vote on which of four financial products is potentially most harmful to consumers closes this week.
Sven Giegold, a German member of the European Parliament, has launched the 'Dangerous Financial Products' competition with two non-governmental groups.
It lists four products - foreign currency loans payable on final maturity; credit cards with extremely high interest rates; credit default swaps on emerging markets sovereign bonds; and reverse convertible bonds - and is polling the public on which they feel is the most harmful.
More than half of the votes so far have been for the credit default swaps.
Following the vote, which closes on 14 March, the group will then decide on which product is most harmful, with the help of an 'expert jury'.
The group will then "scrutinize the product and [seek to] limit its application or ban it totally from the markets if necessary".
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