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Special Coverage
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Will there be a European Bailout plan?
Mon, Oct 6 2008, 06:53 GMT
by Marina Schiaffino
Germany and Ireland are for the moment the first two European countries that adopted emergency measures in order to ease the effect of the widening international credit crisis in the Euro Zone.
German Chancellor Angela Merkel is moving fast in order to avoid the worst consequences of the financial turmoil hitting German private banking and she has assured her determination to guarantee bank deposits.
After a meeting of the prime minister's of the largest European economies -UK, Italy, France and Germany- the leaders committed themselves to act locally in order to shore up failing financial institutions and banks, rather than signing a common plan for the whole European Union. Nevertheless a global economic summit has been scheduled to examine the international financial system's health.
Merkel made public her commitment to work in a bailout plan after the announcement of the approval of a EUR 50 Billion package to save Hypo Real State Bank.. This German move is quite contradictory to their original criticism against Ireland for having announced similar intentions a few days ago.
- 1st on Forex: The Week Ahead - EU Leaders Discuss Crisis - G7 Meets by Jerry Furst
- Discover a technical point of view on the crisis: What may we expect for the rest of the year? by Adam Rosen
-
CEO's Weblog: Kathy Lien & Boris Schlossberg - Euro Can You Spare a Dime?
In-Depth Analysis
- Flash Comment - Global: Crisis update - what's next? by Danske Bank A/S
- Euro Trading at 1.35, USD/JPY Breaks 103 - What's Going On? by GFT (Global Forex Trading)
- Weekly Analysis - Will dollar continue to strengthen as europe decends into crisis? by Finotec Group Inc.
- Market Session Snap-Shot - Asian Session - Continued Pressure on European Financial Sector by ACM - Advanced Currency Markets
- Daily Analysis - The Euro falls as the Europe braces for the crunch by Finotec Group Inc.
- Daily Forex Technical Report - Euro Gaps Lower on Deepening Credit Crisis by ActionForex.com
- Start the Day - BNP takes over parts of Fortis and Unicredit to raise €6.6B capital by Mizuho Corporate Bank
- Daily U.S. Forex Summary - The US dollar continued its upward trend against the euro by Union Bank of California
Related News
- U.S. urges global action on credit crisis (Thomson Financial News)
- Europe struggles to combat financial crisis in unison (Thomson Financial News)
- Coordinated rate cuts may be in play this week (Thomson Financial News)
- Morgan Stanley's Jen see euro falling to $1.20 (Thomson Financial News)
- Europe scrambles to shore up bank sector (Thomson Financial News)
- European Banking Crisis Deepens As Rescue Deals Continue (Dow Jones)
- Lack Of EU Cooperation Worsens Turmoil: Economists (Dow Jones)
- European bank deposit schemes (Thomson Financial News)
- EU Concerned Over Scope Of Irish Bank Deposit Guarantees (Dow Jones)
- Battered euro sinks, yen soars as crisis bites (Thomson Financial News)
- Stocks plunge, yen leaps as credit fears dominate (Thomson Financial New)
- Germany says still opposed to EU-wide bank rescue (Thomson Financial News)
- IMF chief says EU needs collective crisis response (Thomson Financial News)
- Those behind mkt crisis must help solve it-Germany (Thomson Financial News)
- DAX volatility index hits all-time high (Thomson Financial News)
- The financial crisis hits Europe (FXstreet.com)
- Euro Slides To 14-Month Low Vs Dollar On Banking Woes (Dow Jones)
- German Government will bailout bank deposits (FXstreet.com)
- Eurogroup's Juncker-current crisis not excuse for higher deficits (Thomson Financial News)
- Germany may need shield for bank sector-Steinbrueck (Thomson Financial News)
- Europe's Markets Unconvinced By Bailout Plans (Dow Jones)
- France,Germany: Common Approach Needed On Crisis (Dow Jones)
- Germany Opposes Any European Finance Bailout: Minister (Dow Jones)
- EU Chief Welcomes Approval Of US Rescue Plan (Dow Jones)
Analyst comments
- Lee Hardman, strategist at the Bank of Tokyo-Mitsubishi UFJ
"The sense that there won't be any coordinated action in Europe is undermining sentiment in the euro and the re-negotiation of the Hypo Real Estate deal soured sentiment." - Reuters - Daragh Maher, currency strategist at Calyon
"It is likely that the news flow on European banks and the country response will dominate the movements in foreign exchange. The delivery of a bailout in Europe would likely provide some relief to the euro, but there is a sense in the market the lifecycle of the European financial system is simply a lagged echo of the U.S., in much the same way as the wilting European economy appears to be a lagged mimic of the U.S. also." - Dow Jones
Published on Tue, Oct 7 2008, 11:33 GMT
Archive
- The Fed creates commercial paper−buying facility
Published On Tue, Oct 7 2008, 14:15 GMT - Europe reacts to the global crisis
Published On Tue, Oct 7 2008, 09:11 GMT - Will there be a European Bailout plan?
Published On Mon, Oct 6 2008, 06:53 GMT - The US House approves the Financial Bailout plan
Published On Fri, Oct 3 2008, 17:35 GMT - The Bailout Plan: 2 rounds done, one to go
Published On Fri, Oct 3 2008, 10:46 GMT
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