Fear is in the hearts of European governments as the second wave of bank fallouts since the economic crisis began five years ago. The Franco-Belgium bank Dexia has turned this second wave into a symbol.
Although they have been bragging that they are ready to orchestrate liquidations of zombie banks, they are very afraid that is already celebrating an imminent flood of millions of euros coming from taxpayers' pockets at the federal government's command and that this will give needy banks another bailout.
The all-powerful Germany set the stage yesterday, as is the custom in Europe. After meeting in Brussels with the European Commission and European Parliament, Chancellor Angela Merkel proposed a rapid measure to prop up the banking system and eliminate fears that the Eurozone public debt crisis will pull us into a new recession and the ailing global economy.
