miércoles, 30 de noviembre de 2011

Fed saves Europe's banks as ECB stands pat

Stripped to essentials, America is once again having to rescue Europe from itself.

The interwoven banking and sovereign debt crisis in the eurozone has become so dangerous for the world that the US Federal Reserve has been forced to take emergency action, acting as global lender of last resort to shore up Europe's banking system.

That it should have to do so as Germany and the European Central Bank hold back for legal reasons and refuse to commit decisive power adds a strange diplomatic twist.