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October 6, 2008
EU struggles to unite against bank crisis

Across Europe, stock markets were down on Monday despite efforts to restore consumer confidence. European nations are struggling to coordinate their efforts in combating the crisis.

Marcus Mabry, international business editor of The New York Times, speaks with Martin Savidge about the global market meltdown that started in Asia and rolled over to Europe. He says European ministers will try to come up with plan for the EU to take the crisis on together despite disagreement. Some countries favor a bailout like that recently approved by U.S. President Bush, while others dislike the idea of a pan-European plan. [MEDIA=72]

Already, Germany has responded by taking steps to prop up its banks and reassure depositors. Their move to guarantee deposits in personal savings and checking accounts has put pressure on other EU nations to follow suit in order to prevent money from fleeing their banks for German banks.

Jeffrey White of The Christian Science Monitor speaks to Martin Savidge from Berlin, where consumers are uneasy about the safety of their money. He says that Germany responded to changes implemented by Ireland, and that other countries have made similar guarantees to depositors. [MEDIA=69]

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