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Euros Eat Their Words as Own Bailouts Loom

A week after ripping US for crisis, dismissing need for own plan, Brown et al. retool

By Clay Dillow,  Newser Staff

Posted Sep 30, 2008 2:38 PM CDT
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(Newser) – European leaders are eating their words a week after criticizing the US for allowing its banks to run dry and engineering a system-wide bailout for financial firms, Bloomberg reports. Governments across Europe, including Germany, the UK, Belgium and France bailed out banks across the continent and pledged support for others as Europe faces its own financial meltdown.

“The gods of the markets are punishing those who showed hubris,” one analyst said. “Europe has been bashing the US, but it's realizing now it has its own problems.” Added another: “The US experience should send a clear message to Europe that you need a contingency plan. The fact there still isn't one will focus investors on the vulnerability of Europe's economy and financial system.”

Man of the people: French President Nicolas Sarkozy, critical of the US financial bailout a week ago, is coming around to the state-backed way of thinking as his nation's banks require bailouts.
Man of the people: French President Nicolas Sarkozy, critical of the US financial bailout a week ago, is coming around to the state-backed way of thinking as his nation's banks require bailouts.   (AP Photo)
German Finance Minister Peer Steinbrueck delivers a speech at the parliament. Steinbrueck said Europe's biggest economy in Germany is relatively robust despite the US financial crisis.
German Finance Minister Peer Steinbrueck delivers a speech at the parliament. Steinbrueck said Europe's biggest economy in Germany is "relatively robust" despite the US financial crisis.   (AP Photo)
Did I say that? Britain's Chancellor of the Exchequer Alistair Darling, right, with Prime Minister Gordon Brown. Darling has criticized the US bailout, but is now bailing out British banks.
"Did I say that?" Britain's Chancellor of the Exchequer Alistair Darling, right, with Prime Minister Gordon Brown. Darling has criticized the US bailout, but is now bailing out British banks.   (AP Photo)
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Angela Merkel • Germany • Nicolas Sarkozy • France • economics • Gordon Brown • Britain • bailout • banks

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