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Bloomberg: European Officials Squabble Over Response to Crisis (Oct. 2)
European officials squabbled over how to respond to the global credit crunch, with Germany opposing a coordinated approach and the Netherlands calling on states to set aside funds to help troubled banks.

French President Nicolas Sarkozy distanced himself from comments by his finance minister Christine Lagarde over the need to set up a ``rescue fund.'' Luxembourg Prime Minister Jean- Claude Juncker told DeutschlandRadio today he didn't ``see the need'' for an effort to emulate the $700 billion rescue package that U.S. senators passed yesterday.

...

Lagarde told the German newspaper Handelsblatt in an interview today that a ``rescue package'' was needed to help ``smaller'' European states ``threatened with a banking failure.'' Germany opposes the proposal ``based on its current assessment of risk,'' said Finance Ministry spokesman Stefan Olbermann.




A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
by Migeru (migeru at eurotrib dot com) on Thu Oct 2nd, 2008 at 01:48:32 PM EST
[ Parent ]
Whatever the merits of the Irish actions, it seems that waiting for a coordinated EU response was not an option...

Vote McCain for war without gain
by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Thu Oct 2nd, 2008 at 01:57:13 PM EST
[ Parent ]
They didn't even bother consulting the Commission - considering the Fortis deal went through the Commission in 24h...

In addition, central bank intervention of a failing retail bank can be swift. They just didn't have stomach to do their job.

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith

by Migeru (migeru at eurotrib dot com) on Thu Oct 2nd, 2008 at 01:58:54 PM EST
[ Parent ]
"they" being the Irish authorities?

Vote McCain for war without gain
by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Thu Oct 2nd, 2008 at 02:02:49 PM EST
[ Parent ]
The Irish Central Bank.

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
by Migeru (migeru at eurotrib dot com) on Thu Oct 2nd, 2008 at 03:12:10 PM EST
[ Parent ]
Check out my diary.

Zaptero has got into the act, and Santander looks to be playing a major role in pressuring Brown into doing the right thing.

That and the possibility that the City of London may re locate to Dublin if he doesn't act.  Wouldn't that be ironic given the talk about keeping the City happy?

And I'll give my consent to any government that does not deny a man a living wage-Billy Bragg

by ManfromMiddletown (manfrommiddletown at lycos dot com) on Thu Oct 2nd, 2008 at 02:35:15 PM EST
[ Parent ]
Santander owns 3 of 10 demutualised UK building societies (now all 10 of them are failed banks).

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
by Migeru (migeru at eurotrib dot com) on Thu Oct 2nd, 2008 at 03:13:13 PM EST
[ Parent ]

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