European Bank Bailouts Sends the Euro and Pound Plunging

As of 8:30am ET, the Euro has dropped as much as 300 pips against the US dollar while the British pound has dropped more than 400 pips intraday. A bunch of European banks have gone belly up, proving that they too are not immune to the banking sector troubles. At a time when the US has found a solution, the new problems in Europe are a glaring contrast. Will the ECB have to act this week? (more to come later):

Belgium: Fortis bailed out on cooperative effort of Belgium, Netherlands and Luxembourg governments
Germany: Hypo Real Estate bailed out by German goverment
UK: Bradford & Bingley nationalized by UK government
Iceland: Glitner Bank receiving government assistance
Italy: Unicredito shares suspended, limit down


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