By: Revanche

Bailouts ’round the world

September 30, 2008

While we Americans are watching our financial markets melt down, crises abounding, and the bailout drama, the international market isn’t faring too much better.

British bank, Bradford & Bingley, was nationalized in an attempt to stave off potential destabilization of the banking industry. This comes after the nationalization of another British bank, Northern Rock, seven months ago. Much like the seizure and sale of Wamu, depositors of B&B should also find their transition relatively pain free.

On the other side of the North Sea, Belgium’s government is also stepping in to partially nationalize the Belgian-Dutch banking and insurance group, Fortis, in conjunction with the Netherlands and Luxembourg.

Other countries are affected to various degrees, Scotland, Germany, to name a couple more, and it’s a sobering thought that the global economy is whipsawing under some of the same pressures that we’re facing.

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