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...Merkel's conservative CDU party has steered clear of state intervention in the economy. But as the global downturn took its toll on German firms and the financial crisis brought a few major banks to its knees, Merkel has embarked on a big U-turn. First, there was the bail-out of the property lender Hypo Real Estate, then the part-nationalization of Germany's second biggest bank, Commerzbank. And don't forget the two fiscal stimulus packages (amounting to $116 billion (€82 billion over 2 years) aimed at kickstarting Europe's biggest economy. Throw in the fact that...

Author: /time Magazine | Title: Merkel Saves Opel From GM's Fate | 6/1/2009 | See Source »

...France on March 19, with early turnout suggesting participation would easily surpass the 2.5 million people who answered the Jan. 29 strike call. Beautiful weather helped swell the ranks of corteges marching throughout the day to protest the modesty of Sarkozy's stimulus package - especially compared to the mighty bail-out effort accorded to the banks and financial groups who detonated the country's crisis. The marches began in Marseille, where people carried banners reading THEY ARE THE PROBLEM; WE ARE THE SOLUTION and hoisted posters ridiculing Sarkozy's refusal to pledge money to boost spending that said: YESTERDAY...

Author: /time Magazine | Title: The Protests in France Get Personal | 3/19/2009 | See Source »

...Sarkozy is not alone in responding to cries for help from the car sector. The U.K. has set out a $3.4bn rescue package for its beleaguered car industry, even though it is mostly foreign-owned; Spain has stumped up $5.1 billion in public cash to bail-out car firms; and Germany has set aside $1.9 billion to pay owners to junk their old cars and buy something new. At the same time, the U.S. government has handed $17.4 billion to GM and Chrysler, a move that European carmakers say leaves them at a competitive disadvantage. (See pictures...

Author: /time Magazine | Title: Amid Crisis, Cars Start to Drive Europe Apart | 2/16/2009 | See Source »

Bailout Fallout This notion of a government bail-out [Oct. 6] is not a question of liberal vs. conservative but one of right or wrong. This one is wrong. The burden will fall on the people who need this money much more than greedy executives do. The executives should go down, just as any of us would have to. I realize the economic implications, but this country was built on sacrifice, and we may have to sacrifice again. Nicholas Gamba, SAYREVILLE...

Author: /time Magazine | Title: Heroes of the Planet | 10/15/2008 | See Source »

...Shareholder dissatisfaction now sets up a showdown with Britain's Treasury, the Bank of England, and the Financial Services Authority (which support the deal in large part because it promises an immediate repayment of $22.7 billion of the $47 billion bail-out). Should shareholders block the takeover, and no other suitable bidders are found, the British government could decide to nationalize the bank or force it into bankruptcy, stripping shareholders of their investment. Either resolution would further embarrass a government still reeling from criticism of its handling of the early stages of the crisis. In September, nervous pensioners withdrew...

Author: /time Magazine | Title: Shareholders Balk at Virgin Bid | 11/26/2007 | See Source »

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