Stock markets fell heavily across Europe as governments announced a series of bank bailouts, heightening fears that the US credit crisis could spread further.
German Finance Minister Peer Steinbrück has defended a 35-billion-euro rescue package for the Munich-based lender Hypo Real Estate on the grounds that it was needed to protect German companies and jobs. In the Benelux countries, governments have taken partial control of banking and insurance giant Fortis, while Britain has nationalised mortgage lender Bradford ßamp; Bingley. Iceland's government has taken over Glitnir Bank.
(Deutsche Welle)
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