Europe shies away from regional banking bailout - by Achrene Sicakyuz and Henry Chu
Leaders of the European Union's four major powers pledged Saturday to work in concert to keep their banks afloat but did not offer any major solutions for containing the growing financial crisis.The leaders of Britain, France, Germany and Italy agreed only on smaller steps to try to rein in the banking industry, such as increased supervision of credit-rating firms and hedge funds. Besides their call for stronger regulation of hedge funds and credit-rating firms, the four leaders promised to crack down on executive pay and to release $41.5 billion in loans by the European Investment Bank to small and medium-sized companies struggling to find credit."A global problem needs a global solution," the French president said. "Europe needs to demonstrate its will to find an answer."
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