Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-09-24-Speech-3-270"
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"en.20080924.31.3-270"2
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"The US financial system has been jolted in the last few days as Lehman Brothers filed for bankruptcy and Merrill Lynch, fearing a similar-type collapse, agreed to be taken over by the Bank of America. The Dow Jones industrial average fell 4.4 % on 15 September, and another 4.1 % two days later. The decline in stock prices worldwide on 15-17 September resulted in about USD 3.6 trillion in losses for the investors. The stock of AIG has plunged more than 90 %, from USD 72 last year to USD 2.05. The U.S. government took control of AIG with an USD 85 billion bailout on 16 September. These ‘developments’ point to the largest financial crisis facing the US since the opening of the Great Depression. They have occurred a week after the US federal government seized control of Fannie Mae and Freddie Mac, the giant mortgage companies. The problem is that Lehman Brothers and AIG owe many billions to creditors not only in the United States but in Europe as well. Is Europe prepared to absorb the shock induced by its indissoluble link with the US market? Is the EUR 36.3 billion injected into the market by the ECB and Bank of England enough to make the danger disappear?"@en1
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