They've worked hard, they've worked long and, through prudence, they've borne the additional cost of absorbing East Germany and being a founder member of the euro zone. And now the German worker has had enough.
The European Union will not respond with a U.S.-style bailout package to the current crisis but it will probably decide to guarantee all private deposits in banks across its territory to boost citizens' confidence in financial institutions, analysts told CNBC on Tuesday.
Pope Benedict said on Monday that the global financial crisis showed that faith in God trumped a lifetime spent pursuing material wealth.
Countries across Europe are following the move by Ireland to guarantee all its bank deposits. Should governments guarantee deposits? Vote in our poll.
Greece's banking system "is totally safe and reliable" despite the world financial turmoil and all bank deposits in the country are guaranteed, Finance Minister George Alogoskoufis said on Friday, according to the Associated Press.
Ireland's decision to guarantee all bank deposits will contribute to the demise of the single European currency, because it will erode the euro's credibility if it's allowed to go ahead, Hugh Hendry, chief investment officer and Partner at Eclectica Fund, told CNBC on Thursday.
The European Central Bank left interest rates unchanged as expected on Thursday despite the financial turmoil engulfing European banks and increased signs of weakness from the euro zone economy.
The U.S. government should take stakes in banks in order to recapitalize them rather than instituting a $700 billion bailout package, as the economy is one step away from depression, Hugh Hendry, chief investment officer and Partner at Eclectica Fund, told CNBC on Thursday.
What action do you think, if any, will help prop up the European banking sector?
The $700 billion bailout package that Congress is scrambling to pass will only prolong economic woes, legendary investor Jim Rogers, CEO of Rogers Holdings, told CNBC on Wednesday.
Barclays Capital, the investment banking division of Barclays Bank, said Tuesday it relaunched Lehman Brothers' U.S. equity trading and research unit under the Barclay Capital name.
Do you think European banks need a rescue plan? Vote in the poll below.
Experts comment on more government action to ease the pressure on the U.S. financial system. |
Regulators across the world slapped temporary bans on short-selling in an effort to boost investors confidence. What do you think of the new regulations?
Rising fuel and food costs, the threat of job losses and disputes over pensions and pay are just some of the factors that sparked thousands of disgruntled workers to take action this summer.
The government takeover of mortgage finance companies Fannie Mae and Freddie Mac shows the need for more government intervention in the financial sector, French Finance Minister Christine Lagarde told CNBC Europe in an interview.
Even if the European Central Bank holds rates on Thursday the euro's supremacy on the currency markets is close to an end, analysts said on Wednesday.
The European Central Bank looks set to leave rates on hold on Thursday but the move is unlikely to contribute to a strengthening of the euro, as the signs of weakness in the euro zone economy intensify. Vote on which currency will gain the most by the end of the year.
Italy's national airline Alitalia says it has filed for bankruptcy protection, taking the first step in reshaping what has been a failing company.
Governments across the world are grappling with how to boost dwindling economic growth, designing rescue packages aimed at fending off recession. Which country do you think is doing the best job?