October 11, 2007
No Help for failing Banks
There has been a warning from the EU regarding the use of public funds to help out banks and other financial institutions that have had some sort of financial crisis.
This all comes in the wake of the US Sub Prime crisis, the UK’s Northern Rock bank run and funding problems for two German banks too, IKB and Sachsen LB. There were 27 EU ministers who have been discussing the issue of bailing banks out.
It seems that their conclusion is that the banks will no longer take getting public money for granted; they would prefer increased international cooperation!
Source [Plebble]
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