European Crisis Deepens; Officials Vow to Save Banks (Update3) | WHAT REALLY HAPPENED


European Crisis Deepens; Officials Vow to Save Banks (Update3)

Oct. 6 (Bloomberg) -- The credit crunch deepened in Europe as government leaders pledged to bail out troubled banks and protect depositors.~~snip~~

French President Nicolas Sarkozy, who convened the Oct. 4 meeting, called for a global summit ``as soon as possible'' to implement ``a real and complete reform of the international financial system.'' He said ``all actors'' must be supervised, including credit-rating firms and hedge funds. Executive-pay systems must also be reviewed, he said.
``We want a new world to come out of this,'' Sarkozy said. ``We want to set up the basis for a capitalism of entrepreneurs, not speculators.''

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