On Monday, October 13, 2008, the UK nationalized Lloyds-HBOS and RBS. That same day Germany announced that it was putting up 400 billion euros in guarantees and 100 billion euros for recapitalization. France guaranteed 320 billion euros in medium-term bank debt and set up a 40 billion euro capitalization fund. Italy budgeted 40 billion euros for capitalization and “as much as necessary” in guarantees. In the Netherlands the guarantees came to 200 billion euros. Spain and Austria each put up 100 billion euros.93 In proportion to GDP, the largest program was that in Ireland. But Belgium and the
...more
