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Europe reacts to the global crisis

Tue, Oct 7 2008, 09:11 GMT
by Marina Schiaffino

FXstreet.com


EuropeEuropean countries are planning to take their first specific joint actions in order to protect the small private investor from the financial crisis. The finance ministers of the Euro Zone reached an agreement, which still must be approved by the EU27, to raise the maximum bank deposits guarantee to 40,000 euros.

According to the Commissioner of Economic and Monetary Affairs, Joaquin Almunia, if the proposal receives this support, the European Commission will work on another initiative to raise the amount even more. They will also try to make those changes effective as soon as possible.

The Commission's decision follows the unilateral measures taken by several European countries to provide full guarantee to the funds deposited in their own territory. These countries tried to give some stability and confidence to the savers. The EU now wants to unify these measures and establish a more coherent system.

Ireland was the first to adopt such measure, followed by Greece, Sweden, Denmark, Germany, Austria and Portugal. The Spanish government also announced that it will raise the guaranteed amount soon.

Maximum amount of money provided by the State
CountryMax. amount (€)
Belgique20,000
DenmarkTotal amount
Finland25,000
France70,000
Germany20,000 - Will erase limit
GreeceTotal amount
IrelandTotal amount for national Banks. Others: 100,000
Italy103,300
Poland20,000
Portugal25,000 - Will cover total amount
Spain20,000
Sweden25,750
UK66,500

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