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Ardent Listener
Administrator
USA
4841 Posts |
 Posted - 05/20/2010 : 18:22:54
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I was watching CNBC's Larry Kudlow today and he called for the governments of Europe to team up together to guarantee all the banks of Europe.
As I understood it, all the banks in Europe are insured by the individual governments. But the problem is who in Greece believes that the Greek government can back-up their accounts? So they are pulling Euros out of the Greek banks and depositing their Euros into German banks. This is causing a run on the Greek banks.
Europe has a common currency but not a common central government. CNBC's Rick Santelli almost filled his pants when he heard Mr. "Free Market" himself call for an American style bank rescue plan for Europe by the EU.
So what are they to do?
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Europe is so screwed........like we are not?
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