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Friday, October 03, 2008

Greece Guarantees All Deposits

by Calculated Risk on 10/03/2008 12:16:00 AM

From the Guardian: Greece's deposit guarantee deepens EU financial rift (hat tip Yal)

Greece joined Ireland in offering to guarantee savings in domestic banks.

George Alogoskoufis, the Greek finance minister, said deposits "in all banks that operate in Greece" would be "absolutely guaranteed", amid signs that savers were becoming restless.

The move by a second eurozone country presented a big challenge to European leaders meeting at an emergency summit tomorrow in Paris to hammer out a coordinated response to the threat of meltdown among European banks.
Apparently there was some discussion of a Euro-TARP, but it doesn't appear to be going anywhere.