Amongst the very first to be hit last year (with the collapse of IKB in Germany, and the run on Northern Rock, which subsequently had to be nationalized), European banks had lately appeared to fare better as Bear Stearns collapsed, Fannie Mae & Freddie Mac were bailed out, Lehman Brothers went bankrupt, AIG was rescued, Merrill Lynch was swallowed and Washington Mutual failing and being taken over. As the US is discussing its $700 billion bailout of Goldman Sachs and friends, we've seen Fortis needing its own governmental rescue, Bradford & Bingley being nationalised, Hypo Real saved by other German banks, and worries about a number of other entities come to the fore.
Read more from Jérôme Guillet here.
