European financial meltdown accelerates – one in three European bank can face run by end of the year
Sunny Chopra
Oct. 5, 2008

The European banking system is about to collapse. The global credit crunch deepened in Europe as government leaders pledged to bail out troubled banks and protect depositors.

A day after a summit in Paris where leaders of Europe's four biggest economies stopped short of a plan mirroring the $700 billion rescue in the U.S. to counter the worst financial crisis since World War II, the crisis depended and run on the banks accelerated. American and European investors are withdrawing their money at a fast pace buying gold bullion with them.

German Chancellor Angela Merkel's opposition to collective action underscored the hurdles to a European front. ``Each country must take its responsibilities at a national level,'''' she told a joint press conference after the summit.

French President called for a capitalism for Entrepreneurs not the speculators. He stopped short of putting the blame on Washington but implications were clear.

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