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Although the subprime mortgage crisis originated in the United States, the bank failures have spread, affecting markets in European countries. The governments of England and Germany have had to bail out or nationalize several banking and real estate institutions, and several countries in the European Union are facing similar difficulties.CNN: Europe stops short of huge financial bailout (October 5, 2008)
European Union leaders have proposed guaranteed bank refinancing for any country that uses the Euro as currency. The measure would be temporary and be in effect through the end of 2009. The proposal will be put to the full 27 members of the EU the week of October 12 for final approval.CNN: European banks get government help (October 12, 2008)
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Fast Facts
- Britain and France are in a recessionCNN: Europe stops short of huge financial bailout (October 5, 2008)
- Germany's second largest property lender Hypo Real Estate collapsed, and a bailout deal collapsed after commercial banks withdrew their supportInternational Herald Tribune: Germany guarantees bank deposits (October 5, 2008)
- Governments of Iceland, Belgium and the Netherlands have had to nationalize or seize control of failing banksInternational Herald Tribune: Germany guarantees bank deposits (October 5, 2008)
- Ireland refused to bail out the collapsing Depfa Bank, owned by troubled lender Hypo Real EstateForbes: Ireland says not giving assistance to Depfa Bank (October 5, 2008)
- Leaders in Saturday's summit were not specific, but asked for improved financial supervision and coordinationCNN: Europe stops short of huge financial bailout (October 5, 2008)
- $41.5 billion promised for small businessesCNN: Europe stops short of huge financial bailout (October 5, 2008)
- UK nationalized mortgage companies Northern Rock and Bradford and BingleyCNN: Europe: Scramble on to rescue big banks (October 5, 2008)
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October 4 Summit
A summit was held on October 4, 2008, among leaders from Britain, France, Italy and Germany over the crisis. They pledged to work together to "speed up" a $41.5 billion package to help businesses, but remained divided on whether a joint EU bailout plan would be wise.CNN: Europe stops short of huge financial bailout (October 5, 2008) Germany meanwhile guaranteed the safety of its citizens' private bank accounts during the crisis.CNN: Europe: Scramble on to rescue big banks (October 5, 2008) -
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Questions and Answers About European Bank Crisis | View All | Ask a Question
View All European Bank Crisis Questions (555) | Ask a QuestionHow serious is the banking crisis? Wheres the best place to keep savings? (8 Answers)This is all good information, but it is significant overkill. All you really want to know is how long will it take you to get your money. It is very ... read moreWill the European Community adopt a common currency? (1 Answer)Q: Will the European Community adopt a common currency? A: Huh? It already has. It's called the Euro. Q: Will a Common European Currency adversely affect the dollar as the ... read moreHow weak is the European Shield? (1 Answer)Q: How weak is the European Shield? A: Withough the US, the European Shield is still based on nuclear defenses of Britian and France, both of which have enough nuclear ... read moreWhich states do not face a state budget crisis? (1 Answer)There are many states with little to no deficit. Here is a map from CNN that shows states' financial statuses: http://money.cnn.com/news/storysupplement/economy/gapmap/index.htm You can put your mouse over a state for ... read more
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