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| Europe |
| EU leaders OK bank rescue plan |
| 2008-10-13 |
| European leaders have agreed on a plan to support banks through the financial crisis which ricocheted across the Atlantic to their shores. |
| Posted by:Fred |
| #1 A unpublicized consequence of the credit crisis is developing: "With many importers unable to get the credit to pay for their stock..., both exporters and shipping firms are left short-changed. The reluctance of banks to issue letters of credit to shipowners – an assurance to the shipper that its cargo will be paid for – is already starting to have a severe impact on the industry." The days when a ship's captain was given a chest of gold coins in return for offloading his cargo ended long ago. No credit, no imports is the modern rule. |
| Posted by: Anguper Hupomosing9418 2008-10-13 09:48 |