Europe still needs a crisis plan
European financial leaders are having trouble organizing a plan of action to combat the financial crisis. Stephen Beard reports the European Commission will meet for an emergency summit this Saturday.
The European Central Bank headquarters in Frankfurt (Dominque Faget/AFP/Getty Images)
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TEXT OF STORY
Renita Jablonski: In Europe, leaders are having even more trouble organizing a large financial rescue package of their own. From London, Stephen Beard reports.
Stephen Beard: France proposed the idea: A single pan-European $400 billion fund to bail out any failing European bank. But Germany rejected the plan. The Brits vetoed it, too, preferring a piecemeal approach.
Yet the banks here are clearly in danger. So far this week, four big ones have been propped up by individual governments. The head of the European Commission has appealed for a European response to the crisis. E.U. leaders hold an emergency summit on Saturday.
But agreement looks to be in short supply. The European Union is under strain. Bond traders are even pricing in the risk of the Eurozone falling apart.
In London, this is Stephen Beard for Marketplace.
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From Goose Creek, SC, 10/02/2008
Europe loves to blame America for it's problems but look at the position they're in. That has nothing to do with gloabl credit it has to do with there participation in this debacle as much as American banks. Some of the biggest names in this mess include: UBS, RBS, HSBC and Deutsche Bank just to name a few. Some of the biggest banks on Wall Street straight from the EU. I think Europe should look at their own glass house before they through rocks at ours.
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