In a violent swerve away from the laissez-faire capitalism that has underpinned Western society for the past three decades, EU states on Monday (13 October) outlined the details of a historic state bail-out of Europe's financial sector. The total size of the rescue promise remains fuzzy, with newspapers across the continent totting up the the mind-boggling sums announced in slightly different ways. The sums come close to the annual budgets of some countries But Europe has so far announced the release of around €2 trillion to save banks from collapse in the biggest government intervention in markets since the creation of the post-war welfare state. On Monday afternoon, the governments of Austria, France, Germany, the Netherlands and Spain unveiled bail-out packages that hovered near the annual public spending budgets of the countries involved.
In a violent swerve away from the laissez-faire capitalism that has underpinned Western society for the past three decades, EU states on Monday (13 October) outlined the details of a historic state bail-out of Europe's financial sector.
The total size of the rescue promise remains fuzzy, with newspapers across the continent totting up the the mind-boggling sums announced in slightly different ways.
The sums come close to the annual budgets of some countries
But Europe has so far announced the release of around €2 trillion to save banks from collapse in the biggest government intervention in markets since the creation of the post-war welfare state.
On Monday afternoon, the governments of Austria, France, Germany, the Netherlands and Spain unveiled bail-out packages that hovered near the annual public spending budgets of the countries involved.
Oh no, here comes DoDo. I see this one coming a mile away. In the end, might makes right. Nothing has changed since the caveman.
