Financial crisis spreads in Europe
From: Telegraaf
The current financial crisis is not confined to the US only. This weekend several financial institutions in Europe had to be bailed out or sold to save them.
The governments of The Netherlands, Belgium and Luxembourg bailed out Fortis, it costs over 11 billion euros. In the UK the government bailed out Bradford & Bingley, parts of the bank are sold to Spanish Santander. In Germany the government and other banks had to save Hypo Real Estate, an amount of 35 billion euros is involved. In Denmark the Ringkjobing Bank and the Bonusbanken are sold to Vestjysk Bank. The next victim might be Dexia, the Belgian government already said they want to bail them out as well.
It’s a clear sign the crisis is deepening globally.
