Stock markets fell heavily across Europe as governments announced a series of bank bailouts, heightening fears that the US credit crisis is to spread further before any possible recovery.
German Finance Minister Peer Steinbrück has defended a 35 billion euro rescue package for the Munich-based lender Hypo Real Estate. He said it was needed to protect German companies and jobs. The Benelux countries have taken partial control of banking and insurance giant Fortis while the British government has nationalized mortgage lender Bradford ßamp; Bingley. Iceland's government has taken over Glitnir Bank. Spanish bank Santander is to take over Bßamp;B's savings unit and branches. Meanwhile in the United States, Citigroup is taking over the banking operations of Wachovia.
(Deutsche More cash is injected into banks ...
ECB to inject 70 billion into money market ...
Deutsche Bank swoops on Postbank ...
EU Makes Positive Noises But Offers Only Vague Deal to Ukraine ...
Brazil's president tries to salvage Doha talks ...
Last gasp for Germany's bars ... Welle)
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