La crisis de los EEUU azota a Europa

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U.S. Money Crisis Hits Europe
Europe's top political leaders have convened in France amidst fears over growing financial disasters overseas in the United States. Mark Phillips reports on the world impact of the mortgage crisis.
EU Leaders On Financial Crisis

Copio íntegro el editorial del WP pues me parece bastante ilustrativo de la situación europea.
El domingo por la noche nos anunciaron en Alemania que el gobierno había ya negociado un paquete de ayuda con la rama financiera por unos 35mil millones de ayuda a la hipotecaria Hypo Real Estate quien desde el sábado anunció su caída (erweitertes Rettungspaket) Además de que se garantizaron los ahorros privados a través de un paquete por parte del Gobierno (staatliche Garantie) . Ayer lunes, el indicador bursátil alemán DAX cayó más del 7%.
El gobierno alemán ha prometido garantizar los ahorros privados, ayudar a los bancos pequenos y medianos y castigar a los banqueros irresponsables. "No puede estar siendo rescatados cada vez que se equivoquen". Por lo pronto piden la cabeza del presidente de Hypo.
El nuevo paquete de rescate a Hypo comprende 50mil millones de los cuales 23.5 corresponden a los bancos y 26.5 al gobierno.
El gobierno anunció que tiene un Plan B de ayuda para todos los demás bancos, pues éste paquete corresponde sólo a uno. Este plan ha sido bienvenido por los bancos, pues es de prevensión. No hay un plan europeo, aunque están trabajando juntos.
"La confianza es buena, pero el control es mejor"
Hoy comparece Angela Merkel en el Bundestag.
La nota completa de ARD

Editorial del Washington Post
Now, Europe
As financial instability crosses the Atlantic, the need for policy coordination grows.
Tuesday, October 7, 2008; A20
THE DOW JONES Industrial Average dropped below 10,000 yesterday for the first time in four years -- and there will probably be worse news in the days ahead. One day's results on Wall Street do not amount to a final verdict on the Treasury's newly authorized Troubled Assets Relief Program (TARP). But certainly it will be some time before the $700 billion bailout is up and running. In the meantime, panic is spreading through the global financial system -- and is manifest in a near-breakdown of lending among banks as well as in extremely tight conditions in the market for commercial paper, the short-term debt with which companies finance their operations. The Federal Reserve, its crisis-fighting capacities already stretched, announced yesterday that it would begin paying interest on reserves that banks hold at the Fed, allowing it to pump more cash into the markets without yet cutting interest rates. The Fed also expanded its 28-day and 84-day Term Auction Facility -- or TAF -- to $150 billion each. Still, a sharp and possibly long recession seems inevitable.

A new and troubling wrinkle is that the pending downturn looks like it is going global. In Europe, where governments have had to rush to the rescue of several failed banks in recent days, stock markets are also tanking. Several countries, fearing bank runs, have felt compelled to guarantee deposits. As European officials and media say, this represents transatlantic "contagion" -- the spread of financial instability originating in sour U.S. mortgages and mortgage-backed securities. But we are also witnessing the consequences of characteristically European vulnerabilities: One of these is the continent's relatively higher dependence on bank financing of corporations. Another is Europe's dependence on exports, which renders it susceptible to a U.S. recession. And, yes, America has just gone through an extreme boom-bust cycle in housing, but so have Spain, Ireland and Greece. Neither the free-market United States nor more statist Europe was immune to speculative excess fueled by a global glut of savings; neither had perfected a crisis-proof form of capitalism.

Compared with Europe, though, the United States has one advantage: One federal political authority governs our market. Not so the European Union. The "euro zone" has a single central bank to control money supply and interest rates. But individual nations still largely control bank regulation and other crucial levers of policy. At times, this has not been an obstacle to an effective crisis response, as in last weekend's joint Belgian, Dutch and Luxembourger mop-up of the troubled Fortis bank. But the haphazard expansion of deposit insurance by various governments from Ireland to Germany threatened to send money zipping across borders in search of the safest haven. As of this writing, the continent's major governments were still resisting a collective bailout like the TARP. Germany, which has shouldered a big share of the costs of European integration, has been particularly resistant. This is no time for the multilateral Europeans to go nationalist. They need to cooperate with one another, and with the United States, lest a scary situation become even scarier.

Spiegel
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