Oct. 13 (Bloomberg) -- France, Germany, Spain and Austria committed 1.1 trillion euros ($1.5 trillion) to guarantee bank loans and take stakes in lenders, racing to prevent the collapse of the financial system.
The announcements came as Britain took majority stakes today in Royal Bank of Scotland Plc and HBOS Plc. The coordinated steps followed a pledge yesterday by European leaders to bolster market confidence as the global economy slides toward recession.
``What it should do is stabilize the banking system,'' said Peter Hahn, a fellow at London's Cass Business School and former managing director at Citigroup Inc. ``Will it stop us from having a recession? No, nothing is going to stop us from having a recession.''
Monday, October 13, 2008
That's A Lot Of Simoleons
The wise men of the world sure have done a heckuva job.