Financial Meltdown

Europe is not immune to the financial crisis, as evidenced by today’s buyout by the Dutch government of the Dutch part of Fortis (a Belgian-Dutch financial services institution). Fortis has been in trouble for some time, possibly since it purchased (as part of a consortium) another Dutch bank ABN Amro.

I’m not sure what the effects will be here – the credit market is structured very differently here with stricter controls on borrowing – but certainly the European stockmarket has been bouncing around, and I’m sure we’ll see more turbulence in the market before we’re through.

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