G20 leaders pledge to protect banks from Europe's debt crisis

[banned from Kos]

Under pressure from investors to show action, finance ministers and central bankers from the Group of 20 economies said they would take all steps needed to calm the stresses wracking the global financial system.

"We commit to take all necessary actions to preserve the stability of banking systems and financial markets as required," the G20 said in a communique after a dinner meeting.

The share prices of several European banks have tumbled and their funding costs have risen as investors worried about their exposure to debt issued by Greece and other debt-heavy European countries.

http://www.telegraph.co.uk/finance/financialcrisis/8783363/G20-leaders-pledge-to-protect-banks-from-Europes-debt-crisis.html

[ixion]

1. ah, yes... protect the banks

that'll work out well...not. :banghead:

[fasttense]

2. Well, isn't that what the G20 has been doing all along?

They have been protecting the banks at all cost.

That is why they are in the mess they are in.

You can't keep doing the same thing over and over again and expect different results. And yet.....

[tama]

3. The definition of insanity is? n/t

[Owlet]

4. I wonder what they had for dinner?

Various courses supplemented with fine wines, no doubt, followed by port and cigars, the whole evening resulting in a warm glow where all things seem possible.

"All necessary actions"? WTF does that mean? It appears to me that there isn't diddly squat these guys can do, and they know it.

Just another example of whistling past the graveyard of Western capitalism.