Friday, October 3, 2008

Don’t Panic!

European bank rescue plan in tatters amid savings stampede

Plans for a pan-European response to the global financial crisis lay in tatters last night as Greece followed Ireland in unilaterally guaranteeing all bank deposits.

Posted by gardeniadotnet @ 08:32 AM (1874 views)
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6 thoughts on “Don’t Panic!

  • gardeniadotnet says:

    Now children, what lesson do we learn here?

    When the going gets tough look after number one, Sir?

    That’s right Jimmy.Good boy.

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  • sorry to repost from yesterday but the irony seems appropriate

    “It was now evident why the European crisis had been so long delayed. They had kited bills to A in order to pay B and their internal deficits. I don’t know that I have ever received a worse shock. The haunting prospect of wholesale bank failures and the necessity of saying not a word to the American people as to the cause and the danger, lest I precipitate runs on our banks, left me little sleep. The situation was no longer one of helping foreign countries to the indirect benefit of everybody. It was now a question of saving ourselves.” — Memoirs of Herbert Hoover, U.S. President 1928-1932, about the 1931 world financial crisis

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  • Whostolemyendowment says:

    With the amorphus political processes within the EU parliament, then national interest will take the lead. The financial crisis is moving too fast for the EU to debate and take action, only national governments and central banks can act with any speed. The EU parliament is shown for what it is – a token talking shop only good for producing costly ineffectual directives.

    Countries that have benefited most from membership of the EU and the Euro….are this first to take action outside ther control….The EU is dead, the euro is dead…..

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  • japanese uncle says:

    My speculation could well come true.
    —————————————————–
    Anyway the economic storm in store for the euro zone (yes it has hardly begun) means that euro could be no more in 2010.
    Monday, April 7, 2008 12:22AM
    ———————————————————

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  • sold 2 rent 1 says:

    As I said earlier this week the Calleman model resonates with “The Korean War” for the next 7-8 weeks.
    Expect Europe to be in big trouble over the next 2 weeks, but the problems not completely resolved until the end of November

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  • For months I’ve been asking how long it will be before Irish banks implode from their massive exposure to property. And how can Ireland, with a population of 4 million+, guarantee the deposits of UK depositors rushing to take advantage of the ‘guarantee’. We saw what happened with the monoline insurers (remember them?) – in a crisis the insurers go bust. It’s the old rule – everything works just fine until you really need it to work, then it doesn’t. The competition rules worked, until HBOS desperately needed to be rescued.

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