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In Euro Zone, Banking Fear Feeds on Itself
Posted By aaron On September 7, 2011 @ 11:44 am In Economic Crisis | Comments Disabled
LANDON THOMAS Jr. and NELSON D. SCHWARTZ
New York Times
September 7, 2011
Remember the collapse of Lehman Brothers? Europeans certainly do.
As Europe struggles to contain its government debt crisis, the greatest fear is that one of the Continent’s major banks may fail, setting off a financial panic like the one sparked by Lehman’s bankruptcy in September 2008.
European policy makers, determined to avoid such a catastrophe, are prepared to use hundreds of billions of euros of bailout money to prevent any major bank from failing.
But questions continue to mount about the ability of Europe’s banks to ride out the crisis, as some are having a harder time securing loans needed for daily operations.
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