• Governments in boldest banking rescue plan ever • Coordinated action puts Washington in the shade The governments of Europe yesterday embarked on their biggest financial gamble since the launch of the euro single currency with the boldest financial rescue scheme ever seen. They are pledging to buy up tottering banks, underwrite their lending, and flood the markets with liquidity in a package that could run to a staggering €2tn in total across the EU. In a closely coordinated rash of announcements and observing the same rules and similar conditions, Germany, France, Austria, and Spain unveiled packages worth hundreds of billions of euros aimed at shoring up their banks and financial systems, while Italy, Sweden, Poland, and Norway prepared parallel action. The radical and risky moves followed an emergency summit of the 15...
[read full story]
Your Web Site
