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FRONT PAGE  |  1/19/2017
MONDAY, OCT 6, 2008  |  3 comments
Europe Scrambles as the Credit Crisis Goes Global
So much for European unity. Less than 24 hours after leaders of the European Union's four largest countries gathered in Paris Saturday to pledge a collective defense in the global financial crisis, the strategy crumbled in the face of a still worsening credit crisis in Europe's banks. German Chancellor Angela Merkel, faced with the breakdown of a government-brokered deal with German banks to save one of Germany's biggest mortgage lenders, announced that all German bank deposits would be guaranteed by the government, causing consternation and anger among her European neighbors, many of which felt compelled to follow suit.

Europe's inability to rise above its "each nation for itself" mode bodes ill for the prospect of broader international coordination to shore up credit markets in the face of a global crisis of financial confidence. If countries that have long vaunted their joint destinies can't ...


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Advice For Hopelessly In Debt?
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· Page 1 ·  Found: 3 user comment(s)
News Item10/7/08 12:10 AM
Jenes Aispas | on the bayou  Find all comments by Jenes Aispas
Mike wrote:
How is EU pronounced?
Etats-Unis
3

News Item10/6/08 4:49 PM
Mike | New York  Find all comments by Mike
Pikestaff wrote:
"Less than 24 hours after leaders of the European Union's four largest countries gathered in Paris Saturday to pledge a collective defense in the global financial crisis, the strategy crumbled"
Every man for herself.
Its great to see that the EU doesn't work just as common sense has always perceived.
Mammon's infrastructure appears to be crumbling somewhat.
How is EU pronounced? The best I can come up with is "eeeuww"

Isn't it interesting how the governments that originate the problems think they can fix them?

2

News Item10/6/08 2:56 PM
Pikestaff  Find all comments by Pikestaff
"Less than 24 hours after leaders of the European Union's four largest countries gathered in Paris Saturday to pledge a collective defense in the global financial crisis, the strategy crumbled"

Every man for herself.

Its great to see that the EU doesn't work just as common sense has always perceived.

Mammon's infrastructure appears to be crumbling somewhat.

1
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