Euro bailouts: late but serious

Eurozone members have made good on their promise to act swiftly and together to shore up the continent’s financial system. Within a few hours on October 13 Germany, France, Italy and Spain gave the details of the recapitalisation plans and lending guarantees they had agreed in principle the day before, together with other euro countries. In total, these four have pledged over E1 trillion – with most of that for medium-term lending guarantees. Germany, Europe’s largest economy, came up with a su...