Friday, December 9, 2011

This Week in Bank Failures

The same European countries that were instrumental in turning Greece’s accounting problems into an international financial crisis are now promising coordinated fiscal action, with the details of a treaty to be worked out in the coming weeks. The European Central Bank lowered interest rates this week in an effort to reduce banks’ and governments’ borrowing costs.

A live letter-bomb was sent to a Deutsche Bank executive, but was intercepted by mail workers and disarmed by police. The return address indicated the package was sent from the European Central Bank. Police say a political group, in a letter written in Italian, claimed responsibility for the device and possibly two others.