EU says bailout not right for Europe

Published: Sept. 19, 2008 at 2:33 PM

MAD, Spain, Sept. 19 (UPI) -- European Union finance minister Joaquin Almunia said Europe should not employ the same bailout plan under consideration in the United States.

The plan under consideration in Washington, while lacking details, would authorize the government to purchase failing securities from financial firms.

Commissioner Almunia, a member Spain's Socialist Workers Party, called the bailout "financial socialism," the EU Observer reported Friday.

Attending a conference in Madrid, Almunia told reporters, "socialists like me, we are against financial socialism," the Observer said.

Almunia said Europe needed "more coordinated action by supervisors than currently exists."

He also said some intervention might be necessary. "We must move forward faster. We cannot wait until a financial institution operating in seven or 10 countries of the European Union has problems such as those of Lehman Brothers or Bear Sterns."

© 2008 United Press International, Inc. All Rights Reserved.
Order reprints



Additional News Stories
Couple's sex in a clock tower draws crowd (1 min)
Stafford named top NFC Offensive player (6 min)
Busty bride's revealing gown rounds blogs (11 min)
Alleged Visine theft leads to scuffle (30 min)
UPI NewsTrack Entertainment News (33 min)
Thanksgiving parade goes off-Broadway (34 min)
Police: Burglars targeted sleeping nuns (40 min)
fark
Canadian judge rules that the Happy Gilmore golf swing is wrong, biatch
News media reports that Obama has pardoned his first turkey. AIG and GM beg to differ
It's the Fark Annual Thanksgiving Eve Draw A Hand Turkey For Mom Contest. Past losers include Jerry...
Man smokes pack of cigarettes then hangs himself. See, those things will kill you
Students angry over dress code stage a protest, learn the school can in fact suspend all 1,500 of...
Georgia Supreme Court reverses theft conviction, rules a riding lawn mower isn't a "motor vehicle."...