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Forums - General - Six European countries pledge a maximum of $2 trillion to bail out banks

NJ5 on 13 October 2008

I guess the European bankers can rejoice, it's not just the American banks getting free taxpayer money.

Up to $2 trillion may be given to banks in UK, Germany, France, Spain, Austria and Portugal (combined population ~270 million people). Ouch, that's a shitload of money.

http://ap.google.com/article/ALeqM5jow3VAPRg_rNF9bT2XtUar0d9PeAD93PMADG0

PARIS (AP) — European governments say they are putting nearly $2 trillion on the line to protect the continent's banks through guarantees and other emergency measures.

Pledges by Britain, Germany, France, Spain, Austria and Portugal in recent days have reached a total of $1.96 trillion. The sums are considered a maximum, and might not all be spent if the financial crisis eases.

Many of the pledges came Monday, a day after the 15 nations that use the euro currency agreed on an unprecedented bank rescue plan.

Europe's most unified response yet to the financial crisis dwarfs the the Bush administration's $700 billion rescue program.

The plan is helping calm markets after they dived last week. European and Asian stocks are up.

 



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rocketpig on 13 October 2008

Europe needs to stop trying to out-America America, which in turns needs to stop trying to out-Europe Europe.

Whatever that means.




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Dogs Rule on 13 October 2008

Expect the price of doing cocaine out of hooker's belly-buttons to rise in the next few days as demand from high ranking bankers increases. Buy shares in hooker belly-button cocaine companies. That is my stock pick of the week. I'll post about how much money I made off of it next week.



NJ5 on 13 October 2008
Dogs Rule said:
Expect the price of doing cocaine out of hooker's belly-buttons to rise in the next few days as demand from high ranking bankers increases. Buy shares in hooker belly-button cocaine companies. That is my stock pick of the week. I'll post about how much money I made off of it next week.


Don't worry, even if you're wrong the governments will bail out the hooker belly-button cocaine industry.

After all, they're not nearly as evil as these bankers.

 



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