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Friday, 10 October 2008
American Economy Center
Europe's death by guaranteeRead Full Article
Asia Times
By Chan Akya Through the latest financial crisis, I warned readers that the costs of banking bailouts in Europe would far outstrip those of the United States. Following from my "quick and dirty" summary at the bottom of last week's article (see , Asia Times Online, October 4, 2008), this article expands on the subject at some length. Before delving into the minutiae of total costs to the government though, a brief recap of recent events as follows: Ireland guaranteed all bank deposits as well as interbank lending last week for all its banks, in effect providing a sovereign guarantee on the...
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Banking   Europe   Finance   Market   Photos
A trader watches computer screens at NYSE Euronext stock exchange in Amsterdam, Netherlands, Friday, Oct. 10, 2008. European stock markets slumped further on Friday following massive losses on Wall Street and Asia on mounting fears that this week's efforts by central banks and governments to break the logjam in credit markets have failed to ease lending rates between banks. At midday London time, the FTSE 100 index of leading British shares was down 328.03, or 7.6 percent, at 3,985.77, below the 4,000 mark earlier for the first time in five years. Germany's DAX was 399.92, or 8.2 percent, at 4,487.08, and France's CAC-40 was 254.03, or 7.4 percent lower at 3,1
photo: AP / Peter Dejon