Bank Rescue Costs EU States $5.3 Trillion, More Than German GDP

Bank Rescue Costs EU States $5.3 Trillion, More Than German GDP

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European governments have approved $5.3 trillion of aid, more than the annual gross domestic product of Germany, to support banks during the credit crunch, according to a European Union document.

The U.K. pledged 781.2 billion euros ($1.1 trillion) to restore confidence in its lenders, the most of any of the 27 EU members, according to a May 26 document prepared by officials from the European Commission, the European Central Bank and member states and obtained by Bloomberg News. Denmark, where

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The EU is following the USA in terms of fiscal policy now. The Euro is now at risk as well..... this paves the way for more dominance of China and the rest of Asia's more developed nations.

As many have pointed out, this fiscal path will make things worse, not better. Euro as a safe haven is now off the table as well.


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