Banking: more bank rescues as crisis deepens
As the USA's government rejects a public and planned rescue package for US banks, in the face of increasing turmoil, European banks are receiving aid at an unprecedented - and ad hoc - rate.
US share prices fell yesterday by their biggest single-day percentage ever, say US commentators. Banks led the fall but tech and business services followed closely behind - and then so did the price of oil. Figures from an increasing number of countries are preparing everyone for more and more to declare recession.
In Europe, the UK has abandoned all pretence of following EU principles of not offering financial support to businesses and ensuring competition.
But it's not going to be criticised by the Germans and the French - they are doing exactly the same.
In Germany, Hyppo Real Estate has been given a multi-milliard lifeline. In France, Dexia has received massive support. These are not small institutions: they are amongst the largest in their field.
In Iceland, Glitnir Bank has become 75% nationalised in return for support.
With 9,000 home repossessions daily in the US, and a rapidly escalating number in the UK and falls in housing prices, the problems are not going away.
And last weekend, Hong Kong's property market had, according to property industry figures, it's worst sales weekend since early 2006.
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