Europe's turn to scramble
It was the week the credit crisis swept Europe. The fireworks began on Monday as Glitnir bank in Iceland was nationalised; Hypo Real Estate in Germany was rescued by a consortium of other German banks; and Fortis, the largest private employer in Belgium, was propped up by governments in the Benelux countries. Rounding out the wave of European banking fragility were the nationalisation of the UK's own Bradford & Bingley, the Irish government's move to guarantee deposits and debt at six large banks in Ireland, and the bail-out of Dexia by Belgium, France and Luxembourg.
Politicians need to use the summit called by the French president, Nicolas Sarkozy, to develop a workable and comprehensive plan.… Seguir leyendo »