Bank Failures, Not Just for the US Anymore

So far the US has been hardest hit by the financial crisis. To be sure, others have suffered - but not as much.

Banking problems in other countries came out of the woodwork during the last week or so. Germany's government guaranteed all consumer deposits, Iceland had a scare or 2, and Belgium and Luxembourg called 1-800-FRANCE for a rescue of Fortis. Earlier last week, the Netherlands nationalized Fortis operations within their borders.

European governments have so far intervened on their own, but a coordinated effort and European Central Bank (ECB) involvement may be needed. For now, they're just trying to keep each other up to speed on what's happening within their borders.

Further reading:

• WSJ on European Banking Crisis
• Iceland Guarantees Citizens' Savings - But Foreigners at Risk