Word: shore
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Dates: during 2000-2009
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European bank stocks continued to take a beating on Tuesday following a series of ad hoc steps by national governments to try to shore up confidence in financial institutions. By the day's close, Britain's troubled HBOS was down 41.5%, and the Royal Bank of Scotland's shares had lost 39% of their value; Germany's Commerzbank fell 14%, and Deutsche Bank was down 8.9%. The pummeling followed a black Monday in which stock exchanges across Europe dropped as much as 9%, suggesting that the markets were casting a doleful eye on the $700 billion U.S. bailout package passed...
...German officials say the guarantee was necessary to shore up confidence, not least because Germans hold a higher proportion of their savings in banks than citizens in many industrialized nations - and they still harbor a deep collective memory of the perils of economic uncertainty from the interwar years of the Weimar Republic. "We had to do it," says Reinhard Schmidt, a professor of international banking and finance at Goethe University in Frankfurt. "I have friends. I have neighbors. I have family. You wouldn't believe how many people have been calling me to ask about their deposits. The fears...
Banks collapse, stocks markets crash, billions flow to shore up the financial system. Yet Belgians responded to what may be the worst financial crisis in a generation Monday in their own quirky way: by going on strike...
...Europe's inability to rise above its "each nation for itself" mode bodes ill for the prospect of broader international coordination to shore up credit markets in the face of a global crisis of financial confidence. If countries that have long vaunted their joint destinies can't work together, it seems all the more difficult to envisage a global response of governments and regulators toward a financial sector that itself cares little for national borders. Certainly Germany's unilateral action didn't help European markets resist a strong downward trend from Asia, and indexes plunged on Monday, with the FTSE...
...reckoning was amply visible in advance. For all the brave-sounding statements about a common response at French President Nicolas Sarkozy's conclave on Saturday, he and Merkel, along with Prime Ministers Gordon Brown of Britain and Silvio Berlusconi of Italy, couldn't agree on substantial international measures to shore up Europe's beleaguered financial markets; they in fact had little standing to do so. By Sunday, the national governments in the 27-member E.U., including the 15 that use the euro currency, all seemed concerned first and foremost with the conditions of their own imperiled banks. Nowhere more than...