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Europe Catches Bailout Fever

news.bbc.co.uk

European governments decided against a joint bailout of the Continent’s financial system, but that hasn’t stopped individual governments from trying to save failing and financially shaky institutions. The German government, which has been highly critical of U.S. economic mismanagement, just backed a $68-billion deal to save one of its biggest banks.

BBC:

Berlin’s finance ministry said it had acted to stop Hypo Real Estate’s collapse in order to avoid “incalculably large” damage to Germany and financial services providers in Europe.

German Chancellor Angela Merkel said managers at financial institutions should be held accountable for “irresponsible behaviour”.

Earlier, she moved to reassure German savers all their deposits would be safe.

Similar unilateral guarantees issued by the Irish and Greek governments last week were criticised in Berlin and other European capitals.

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TAGS: bailout banks bbc capitalism economy europe finance germany merkel money

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By Folktruther, October 6, 2008 at 2:33 pm #

The US power system’s decay inevitably leads the decline of Western imperialism. Hopfully it will incrrease the determination of Asia, where most earthpeople live, to develop world institutions and a world currency (the eartha.)

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By Fahrenheit 451, October 6, 2008 at 12:04 pm #

Yikes, what a ride! European stocks are down 5% and the U.S. is down at 9,600 (Dow)and 1,800 for NASDQ. Looks like an epidemic to me.

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By Fahrenheit 451, October 6, 2008 at 9:39 am #

@ Tero;

God, it must be comforting to have such faith in ones government; wish I did/could.

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By GW=MCHammered, October 6, 2008 at 1:35 am #
(Unregistered commenter)

re: Outraged, October 5 at 9:00 pm

Hey Outraged, gotta (sunshine) magnifying glass?
Ideas where to focus it?
Hoping the next gen justice dept does too.

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By Tero, October 6, 2008 at 1:23 am #
(Unregistered commenter)

Politicians and economic experts keep saying here in Finland that everything will be fine. This crisis will not affect our banking system. We too have a housing bubble of historical proportions, but it doesn’t matter.

No banks are in danger here. They are completely secure. Move along, move along…

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By Fahrenheit 451, October 6, 2008 at 1:13 am #

Wow, this is like watching the worlds largest domino game. Apparently the rot goes to the core. Nobody will escape this one.

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By Outraged, October 6, 2008 at 1:00 am #

Odd….how a little bit of sunshine gets that MOLD crumbling…isn’t it? Imagine, what a hot sun would destroy.. This is when “global warming” almost seems like a good idea….a nice, hot, dry, cookin’ sun. That would do it, “you betcha”.

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