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France Wants A Bailout Also!

| Filed under: AnglophiliaPolitikFrancophilia

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Us Americans aren't the only ones in financial troubles!

Europe seems to be having its own issues as well.

And, France's President Sarkozy is now putting pressure on the UK's Prime Minister, Gordon Brown by proposing a $330 billion bailout fund to help the crumbling banks across Europe.

Brown is also facing demands from British banks that are upset about the Irish Republic's guarantee of all bank savings, which they say is robbing them of deposits.

The British Bankers’ Association said that the move by the Irish was anti-competitive.

So in response to many demands, the Prime Minister has started to get together an emergency committee to take care of Britain's response to the current crisis.

An emergency summit has also been scheduled tentatively for this Saturday with the top officials from France, Italy, and Germany among the group.

President Sarkozy's proposal was received with a lot of skepticism in the UK, but it got hostility from Germany.

The proposal involves a creation of a European-wide emergency fund to be used in times of need to help banks when national governments can't intervene.

But Germany clearly stated they would not be issuing a blank check for all banks, "regardless of whether they behave in a responsible manner or not”.

The backlash even caused France to deny that they had even put out the proposal for the funding. And then even after they admitted it, they denied it'd cost over $330 billion, saying the number came from the Dutch Government. Which caused the Dutch to respond by saying they had no clue what the French were talking about!

So aside from all the childish behavior, PM Brown will be announcing his new crisis committee today or tomorrow.

Let's hope Europe gets its economy back in shape. We sure need to fix ours.

[Image via WENN.]

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80 comments to “France Wants A Bailout Also!”



  1. 1

    All about a bitch everywhere.



  2. 2

    Asia will be next…



  3. 3

    i love the dutch………..huh…don't know what you're talking about…LOL



  4. 4

    CANADA ROCKS!



  5. 5

    no doubt this will be blamed on the Americans as well.



  6. 6

    …and some soap.



  7. 7

    Lottie are you still blowin' people if we say we like that Paris shit?



  8. 8

    i need a boost….



  9. 9

    Perhaps France's President Sarkozy should return all the expensive gifts he purchased for his man eater wife, Carla Bruni. That should cover it, no?



  10. 10

    eff Germany.



  11. 11

    i can't leave comments on the next post….this site sucks today!



  12. 12

    we are all fucked



  13. 13

    Money=the root of all evil- there is a hell and we are living in it. Carma is coming at us all at full force. Who will be left to clean up the mess?



  14. 14

    i bet all the fat cats around the world are licking their chops for free bail outs at the expense of breaking the backs of their people…



  15. 15

    OH CANADA!



  16. 16

    Italy is great. France, under Sarkozy, is back on track. Fuck Germany.



  17. 17

    fuck the francais



  18. 18

    who cares about europe…who cares if they smell…. all they need is to shower…. NOW let's focus in America!



  19. 19

    BLASPHEMY!



  20. 20

    Maybe France's First Wife should make more records and sell them, I'm sure that would make some dough for them



  21. 21

    I'm sure it's the Republicans and Bush's fault.



  22. 22

    BACK BACON!



  23. 23

    There's light at the end of the tunnel… oh wait, it has been switched off as a part of cost cutting.



  24. 24

    Re: PrincessAndrea – and who cares about the USA? WTF..USA and Europe are in this together. If the economy is going bad it effects both.



  25. 25

    You are really narrow of spirit.
    I am Belgian and proud to be it. In my country and in all Europe, we try to manage to continue with the shit which you put in the whole world with your system saving.
    Sorry for my english but I wanted to react.
    The people who allow themselves to criticize the others should look at what them country made lie shit in the whole world as well economically as by making a stupid war.



  26. 26

    Ireland is in recession!



  27. 27

    banks all over are crumbling and yes USA this is sort of your fault.
    It amazes me that 'you' always say how you are the biggest and the best and blah blah…except when it comes to owning up to the fact that also a lot of the BIGGEST SHIT that is happing is because of your nation



  28. 28

    maybe the french should try longer work weeks…hint hint prez sarkozy: 35 work weeks just wont cut it!



  29. 29

    Super! my preceding comment was removed.
    I then will remake it in nicer. Sorry for my English but I feel obliged to react.
    Isn't it easy to make fun of Europeans whereas they still try to manage with the jumble which you created with your economic system?
    In Belgium, the government was obliged to invest with great blows in the banks Fortis and Dexia.

    Do you know that with all your transactions and the loans that your country made in Asia, each one of you borrows 7 dollars per day?
    Your situation will not improve so quickly. And thus that of the rest of the world either!

    Thank you with your politicians



  30. 30

    Exactly Bommie

    With the place to criticize French, you should rather become friendly with them.
    In Europe, one often says that they are praised without stop.

    To take with the smile



  31. 31

    hm…actually, the banking crisis in Europe is the mere RESULT of the American bankers crisis cause European banks had bought the sour mortgages investment packages a.s.o…So do not speak, please, as if the crisis in Europe is a "separate" crisis! Dumb greedy American bankers and politicians!

    That s why we are so THANKFUL again towards the American Administration and corrupted bankers scum!



  32. 32

    Our economies are all intertwined, if the US is doing poorly, it affects other countries all around the world (which is exactly why we must do the bailout) the same way we are affected if the asian markets are doing poorly. Glad to see Germany is on board.



  33. 33

    Re: .bommie

    Exactly my opinion! :-)
    If European bankers had NEVERE "cooperated" with American banks, we Europeans would not be in that finance SHIT!



  34. 34

    Re: SquirrelLives
    QUOTE: " SquirrelLives…"
    ——–
    It IS!



  35. 35

    Re: manump001 – Yes our economy is doing poorly, and Americans are struggling across the board. And yes other countries are feeling it too. They also felt the growth and wealth when our economy was doing well. We are passing the bailout plan and we are fixing it. Quit your bitching.



  36. 36

    Re: kanga3

    Today, in German papers 2 female senior citizens were interviewd - they lost all their money they at a German bank they had invested in Lehman Brothers Certificates cause their German bankers told the old ladies that Lehman Brothers is an absultely safe investment…..The German banks that got in deep trouble and have gone almost bankrupt all(!) were involved with American banks investments…so the crash on the German Stock Exchange was the RESULT of the irresponsible way American bankers and rich people have acted for the last DECADE!



  37. 37

    Re: Bavaria – You'd also never have a big or wealthy economy!



  38. 38

    "America - Where it pays to fail":

    In the current financial crisis, the model of US capitalism has imploded with a big bang. But the Bush administration is trying to douse the flames with yet more fuel instead of water, and it wants to see Wall Street's gamblers rewarded for failure.

    A contemplative trader on the floor of the New York Stock Exchange.
    More than 100 years ago, German sociologist Georg Simmel criticized the banks for being even bigger and more powerful than the churches. His chief complaint — that money is the new god of our times — is still heard today. If Simmel was right, and there are some indications that he was, his statement would have to be modified to suit today's circumstances: Not all people pray to the same god. .."
    ——-
    You can read the ENTIRE article on the English edition of SPIEGEL DE…



  39. 39

    Re: kanga3
    Kango, you re WRONG! By far the MOST of Germany s exports have always gone to other EUROPEAN countries! :-)



  40. 40

    Re: Bavaria – You know thats happening here too and you know what we're doing? We're spending 700 billion dollars to make sure it doesn't happen. What is your government doing? Nothing? And BTW, I think I remember the rest of the world putting your country back together a few decades ago, so call us Americans selfish and greedy all you want…I think you'd be in a different place if we didn't exist.



  41. 41

    Re: kanga3
    I wonder whether you know what you do speak? all the economies interact between them. thus your fall involves that of the others…



  42. 42

    Re: Bavaria
    Really good article…. :-)
    "….Finally, we have the religious community of the Uninhibited, which is especially popular in the United States. Its adherents readily admit to intentional recklessness, wanton waste and omnipresent greed.

    They call it "the American way of life." Its members live in the here and now, without asking questions about tomorrow. One lends money to another, even though it's not his money. Instead, he has borrowed it from a third person, who has promised to procure it from a fourth person — and so on.

    Southampton : The Evidence Trail Begins

    This religious community is the most devout of them all. Some time ago, it adopted the practice of treating anticipated money like real money and equating desire with reality. Whatever shred of inhibition they had was now shed.

    Since everybody knew that desires outnumbered dollars, the inevitable result was a certain funding gap, or deficit. Capitalism without capital — the audacious heart of the innovation — could not function. There is no worldly salvation — at least that was a conclusion that the old God, the one bearing the cross, and the new god, the one with the dollar signs in his eyes, could agree on.



  43. 43

    Re: Bavaria – Ok…you're right. The United States has only hurt Germany. We've never done anything to help your country or your economy.



  44. 44

    Re: Bavaria – looks like greed is also a global issue



  45. 45

    Re: manump001 – Um…what? Did you read my first post? I said "Our economies are all intertwined, if the US is doing poorly, it affects other countries all around the world (which is exactly why we must do the bailout) the same way we are affected if the asian markets are doing poorly. Glad to see Germany is on board."



  46. 46

    Re: kanga3
    So, you think it s okay that your Government gives 700 bn USD of TAXPAYERS MONEY for FREE to the financially privately SECURE and WEALTHY bankers? Me, I don t think so….the banks should PAY it themselves! Or your Government should BUY the bank so to speak…why should banks receive free moneys from U.S. taxpayers? You must be really sort of masochistic, cause first your corrupted bankers and stock exchange moneymakers and corporate managers EXPLOIT you with minimum wages and by letting you DIE in Iraq for business and oil reasons ALONE, and now you even want to give them YOUR money that s left?



  47. 47

    Re: kanga3

    Kanga, your country DID help to get rid of our fascist regime, but: Haven t you NOTICED that this was 3 quarters of a century AGO?
    Or do you want us to discuss your extinction of the Red Indians, your LOST wars in Korea and Vietnam, your slavery in the 19 century, a.s.o.? :-)



  48. 48

    Re: kanga3
    To give ahead the second world war, you always made that when that arranges you well. You were already thanked and certain European countries help you even in your idiot war.
    And in Belgium, the government is moved as opposed to what you say!



  49. 49

    Re: mamajud

    It most definitely IS! :-)
    And it seems to be spread most among the WEALTHY people, such as investment bankers, corporate managers and top range politicians! :-)
    However, I really think that the "American way of life" of spending money no matter whether you can or not and not thinking about the CONSEQUENCES later on or for future generations, still seems unique to me! Apart from China maybe, I can t think of any country that so irresponsibly and wrecklessly destroys economies, the environment, a.s.o. :-)



  50. 50

    Everyone cannot be of the same opinion. That depends on the country where one saw and of information that one receives or that one seeks…

    I will go there because it is late at home.

    Good night



  51. 51

    Re: Bavaria – i miss alice……she b back soon??



  52. 52

    Re: kanga3
    Not during the last 50 years or so…. :-)

    I do not know how much you really KNOW about the German economy, but BEFORE the banking crash in the USA it was doing quite well…. :-)

    Opinions on whether or not our Government should bail out, by the way, also differ within Germany. For me personally, I lost a lot of money on the Stock Exchange during the last few weeks due to the USA, STILL I m not necessarily in favor of a bail out, cause it somehow seems "unjust" to me. I.e. the bankers have RUINED their banks, so they themselves can give THIER money to save their companies.
    And: Where do you wanna draw the line, cause next some machine manufacturing company is in danger of going bankrupt, so why help some arrogant bankers but NOT the machinery company?! I think, no matter what the USA now does, the Dollar has NOW lost its importance globally (a lot of important countries have switched to Euro currency anyway already)…



  53. 53

    Re: manump001

    Som true! And we all in Europe KNOW, that 99.9 per cent of the "embedded" American press is not really telling their(!) people the TRUTH… :-)



  54. 54

    Re: mamajud

    Who s Alice? I think I remember her writing here, but I m not sure, she s however not linked in any way to me if you should be hinting at that. :-)



  55. 55

    Re: Bavaria – The money is not being given away for free, it is going to come back to the taxpayers and it is going to prevent complete failure of our economy-which would lead to devastation in other economies. If Germany and Belgium and France aren't doing well now-you don't want to see them when one of the largest economies in the world fails. We must do the bailout, there is no other option. It has already been passed in the Senate, and we are well on our way to fixing the situation. I'm sorry if you believe what we are doing is wrong, but I promise you there is no other way to remedy the situation.



  56. 56

    Re: manump001 – I'm sorry I don't understand what you're saying, none of your sentences make any sense.



  57. 57

    Why should comparatively POOR taxpayers pay for this scum???

    "…Southampton, a seaside getaway for the moneyed elite. The town, on the eastern end of Long Island outside New York City, offers a glimpse of how attractive greed can be.
    It is a place where stock options have been transformed by the hundreds into fairy-tale castles at water's edge. By taking advantage of tax loopholes, Wall Street's financial gurus managed to spirit their bonuses out of the city more or less intact. Under US tax law, compensation in the form of stocks and warrants is taxed at less than half of the highest tax rate. As a result, the incomes of many bankers are taxed at a lower rate than those of their secretaries…."



  58. 58

    Re: kanga3
    Yes, but do you see the "method" and intention here?
    Same a sin Iraq: Bush KNEW he oculd not win it ALONE and that it would lead to the civil war there - and NOW Bush Administration try to sort of "BLACKMAIL" the European countries to HELP HIM OUT of Iraq without losing his face! Blackmail by telling us there s no other way now than to STAY in Iraq ….the same with the bankers: First the Bush Adminitration made the LAWS and de-regulations that ALLOWED the bankers to act this irresponsibly and NOW they can sort of BLACKMAIL you and other countries into bailing them out cause otherwise there d be a global recession…that s what angers me!



  59. 59

    Re: kanga3
    Saying that sounds a bit arrogant to me - he / she said he is from Belgium and English is not his mother tongue! Especially when it comes from Americans that do not bother to learn ANY foreign languages, and this way NEVER LEARN FIRSTHAND what s going on globally cause they cannot read any German or French or Italian papers! In Europe, or at least in Germany, of the younger people, everyone speaks at least 2 or 3 foreign languages, it s mandatory learning them in schools and colleges in my country so as to understand(!) other nations better! So, I think Americans shouldn t criticize some one elses language UNLESS they demonstrate THEIR foreign language skills on GERMAN or FRENCH websites! :-)
    I know what he means…..there s no longer FREE PRESS or freedom of speech in America! All your media are synchronized with BUSH and his corporate friends!



  60. 60

    So, it s bedtime now in Germany - Have FUN watching the Palin debate in 4.5 hours' time!
    :-)



  61. 61

    Re: Bavaria – you know… _Alice_ (in wonderland)……..lives in germany…wants to have a tea party…Ron Paul! wootwoot



  62. 62

    Re: mamajud
    You re talking in riddles to me…. :-)
    However, I must go to bed now - almost 11 p.m. here - so I ll miss the Palin debate on TV , but I m sure it ll be hilarious enough to be put on Youtube for me to watch it tomorrow..Bye!

  63. Bongo says – reply to this


    63

    IF THIS BILL PASSES I WILL NEVER HAVE RESPECT FOR OUR GOVERNMENT AGAIN! I CAN'T BELIEVE WHAT'S IN IT!!! THIS IS A DISTURBING TIME.



  64. 64

    Re: Bavaria – Yes but you're not understanding, it is not the Bush administration that did this! They tried to stop this from happening years ago.
    -
    In 2003, Bush tried to make a new agency within the Treasury Dept. to watch over Fannie Mae and Freddie Mac, it would have had authority over them and made sure they weren't making risky moves.
    -
    In 2005, John McCain co-sponsored the Federal Housing Enterprise Regulatory Reform Act. He said at the time that American taxplayers and the American economy was at risk because of Fannie Mae and Freddie Mac. The liberals shot it down.
    -
    Barack Obama is 2nd to Chris Dodd in the most money received by Fannie Mae and Freddie Mac lobbyists. In case you aren't aware, Fannie Mae and Freddie Mac are the reason for this whole crisis…and Barack Obama has been accepting money from their lobbyists.
    -
    George Bush tried to put a stop to this 5 years ago, John McCain tried to put a stop to it 3 years ago. Barack Obama and the Democrats put a stop to the Republicans attempt to reform the system to prevent this crisis. You can believe it is the current administration's fault, but if you actually do some research and look into the situation you will find that they tried to stop it years ago.



  65. 65

    Re: Bavaria – i could have sworn u 2 had some chats…you'll know who I mean when she's back ;) …..sleep tight



  66. 66

    Re: Bavaria – lmao! What are you talking about? The press HATES the Bush administration! No free press?! Like 90% of it is attacks on GW! You do not know anything about the American press if you think they are buddies with the Republicans.
    -
    And secondly, how am I supposed to know whether or not English is someone's first language? If they're typing words in english, I'm assuming I'm reading english. I don't see how that makes me arrogant.
    -
    Thirdly, I speak Spanish and English…along with many other bilingual Americans, like the writer of this blog! I don't think it is really fair to say if a german person speaks english, americans should be able to speak german…english is spoken in many european countries, australia, canada, and on and on…german is major language in how many countries? Many Americans know French because we are next to Canada and many Americans know Spanish because of Mexico and South America, there isn't much reason for us to learn German, we would never use it.



  67. 67

    Re: mamajud
    I remember her now, she was the one who said she s living in Germany as well. But I think she s living in one of these US military "reservations" in Germany and is an American. So, now I m finally OFF! :-)



  68. 68

    Re: kanga3
    Just a short reply, as I wanna go to BED ! :-)

    Re: Bavaria – lmao! What are you talking about? The press HATES the Bush administration! No free press?! Like 90% of it is attacks on GW! You do not know anything about the American press if you think they are buddies with the Republicans.
    ——
    There are STILL only(!) "embedded journalists" allowed by the US in Iraq! FOX News conglomerate dominates the US media and is definitely NOT telling you the TRUTH about Bush and friends.,
    -
    And secondly, how am I supposed to know whether or not English is someone's first language? If they're typing words in english, I'm assuming I'm reading english. I don't see how that makes me arrogant.

    —-
    I meant by my remark, that your remark sounded a bit arrogant to me, criticizing his/her grammar..Boy, what would I have to DO if I criticized the Gemran GRAMMAR of every American tourist speaking GERMAN here in Munich….maybe I was seeing it wrong and you didn t mean it that way. :-)

    By the way: CHINESE pupils, the NEXT economic "super power" DO LEARN German in schools! (in Gemrany pupils are learning Chinese as 3rd foreign language even in some elementary schools - cause we KNOW the Chinese will become IMPORTANT the next few decades.



  69. 69

    Re: PrincessAndrea – Fuck you. Seriously. All you hear on the Internet is "Oh, the US economy is bad." and fuck it, the WORLD ECONOMY is bad. You are so focused on yourselves that many of your countries population probably haven't left the state, and though I know it's based on other factors many Americans have this inwardarity and don't care much about anywhere else that 1/5 can't place their country on a fucking map. And then you base your opinions on stereotypes - you probably think Scotland is a third world country full of tartan-wearing, haggis-stroking people who live in houses without microwaves. Urgh. This is kind of offtopic.



  70. 70

    Excusez moi s'il vous plait,

    The subprime mortgages were redistributed through securitized products by European banks too. they are not innocent in all of this.

    America needs the bailout so banks can take toxic waste (the subprime mortgages) off their bank sheets and get access to capital. Without capital, they have no money to operate and the banking system would collapse.

    They're not giving the banks money they're buying the toxic waste at a discounted price in order for the banks to be able to function.

    Ireland were genius in what they did because they brought confidence back to the banking system without actually giving any money to the bankers…. let's just hope they don't go bankrupt cause I don't think such a small country has 400 billion euro going spare



  71. 71

    Just ask Bush for it, he'll give our money to you!!



  72. 72

    Yours in US fucked all our in EU up. Thanx a bunch.



  73. 73

    Sorry Perez but We don't need dollars… We've got Euros! =)
    Please keep Sarkozy in United States! lol



  74. 74

    Jesus you Americans have no ability to examine issues and think beyond your borders. The financial crisis in your country is hurting the ENTIRE WORLD. Why? because everything is tied to your worthless currency. You need to read a few books and get educated. Your country is going down thanks to Bush and his trillions in debt, and you're bringing the world down with it. The rest of the world needs to dump your worthless currency, and Saudis and the Chinese need to retrive the money they sunk into your cesspool of a country.

    Damn, look what happened to America under Bush and half you jackasses still want more. You're like the marquis de Sade, only no where near as exiting.



  75. 75

    Re: kanga3 – Yeah, we sure would. A much nicer, kinder and less war hawk place. Can your patriotic crap. Just makes you look stupid and arrogant and as usual, out of touch with the rest of the world. Face it, your country is going down, and it's the fault of the greedy, lazy and right wing idiots whom reside there. That means you are a part of the problem.



  76. 76

    Ireland have every right to fix their financial system whatever way suits them. Its not up to the british to tell anyone what to do! Go on Ireland! If only every country dealt with crisis so well
    xo xo



  77. 77

    we dont have the money to bail sarkozy out were barely afloat ourselves



  78. 78

    Let's hope it's going to be fixed soon. It's not the end of the world, Europe and USA have seen worse !

    (but i'm still worrying like everyone else though !)



  79. 79

    perez… you don't have to understand world economy very well to know that every country is tied econimically. would you seriously expect america to be in the toilet and europe not to crumble afterwards?
    america and its dollar rules this world, unfortunately.

    i know you're no genius regarding politics or current affairs, but come on. kids know this stuff, and i know that because I AM a kid.



  80. 80

    and also, im going to echo what has already been said above.
    some of you americans really need your bubble burst. take a look around, recession is happening ALL OVER THE WESTERN WORLD.
    my electric bill just went up ANOTHER 33.3% last week. this is the same for so many people in the UK. and so many people OUTSIDE the UK.

    it's hilarious how everyone blames 'gordon' or 'george w'. they're just the figureheads for the whole greedy and corrupt establishment. it's sad really, this has been coming for years. maybe if people took an interest in how our countries are ACTUALLY being governed then it might not have been such a shock that some people can't afford a warm house, and some other can't even afford a roof over their heads.