Now that countries are standing behind their national banks what will happen? Greece has backed deposits, Germany did the same. France, Britain, and Italy may follow. The leaders of these countries met earlier today to seek some resolution. The news is now unfolding fast enough that even industry experts are struggling to keep up with it. Alistair Darling is initiating a plan to buy shares from the banks.
Iceland is seeking to guarantee deposits and Fortis was taken over by BNP Paribas. The latest news is that the Fed cash auctions have been boosted to $900 billion. The current issue is that banks …