Word: resorters
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There's also a role for the world's lender of last resort, the IMF. The IMF, say economists, should step up and publish details of a ready-to-use financial-help package for any countries that may be in danger of going the way of Iceland, which was unable to bolster overleveraged banks that failed. Panicked trading Friday in Eastern Europe raised concerns that some emerging economies there could be in trouble. The IMF should set aside many of the more stringent conditions it has imposed on borrowers in the past to encourage countries to draw on its assets...
...bailout money is spent on a week at a California luxury beach resort by executives...
...plan, and a Congress - after an initial case of the vapors - to act on it. But there is no Hank Paulson in Europe, nor a precise counterpart to Federal Reserve Chairman Ben Bernanke. Jean-Claude Trichet heads the European Central Bank, but it cannot play the lender of last resort, as the Fed did on Sept. 16 by loaning $85 billion to prop up the U.S. insurance giant AIG. In Europe, governments must act instead...
...issued lousy loans that now they too are failing, hence the fate of Washington Mutual and Wachovia. In the worst case of an unchecked, full-blown panic, even banks that operated cautiously within the post-1929 safeguards could be vulnerable. At that point, Paulson and Bernanke would have to resort to even more extreme measures...
...They're trying to deal with the crisis on a piecemeal basis," says Dennis J. Snower, president of Germany's Kiel Institute for the World Economy. He advocates a far more ambitious solution, including the creation of a new international agency that can act as a lender of last resort to stricken banks. In Washington, Robert B. Zoellick, president of the World Bank, concurs that only a multinational solution can really work. "While American eyes are on the intersection of Wall and Main streets, there is much more to the story," he says. "The response to these crises will have...