Crash! Boom! Bang!

Le Monde reports on the American housing crisis, and its effects on the rest of the world (well, Europe):

In a domino effect, the American housing market crisis looks today to be menacing the stability of the worldwide banking system. In Germany, the serious difficulties of IKB bank, linked to its investments in the US, have provoked a panic in Berlin, to the point that the minister of Finance, Peer Steinbruck, has interrupted his summer vacation. Par un effet domino, la crise du marché immobilier américain semble aujourd'hui menacer la stabilité du système bancaire mondial. En Allemagne, les graves difficultés de la banque IKB, liées à ses investissements aux Etats-Unis, ont provoqué un mouvement de panique à Berlin, au point d'obliger le ministre des finances, Peer Steinbrück, à interrompre ses vacances.
And when someone's vacation is interrupted, it is serious!
Jason commented:
Yeah, scary. They were talking about this on the news from Germany on NPR last night.
on Fri Aug 3 15:19:38 2007

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