The series of bail-outs
began over the weekend when Fortis, the Dutch-Belgian banking giant, was partially nationalised.
One of the bail-out
's absurdities is that the American government expects taxpayers to pay for the government's economic mistakes.
Eurozone ministers agreed on Sunday to put together a second bail-out
package worth 120billion euros to fund Greece into 2014.
In contrast, bail-outs
for other sectors could be a gamble for taxpayers' money.
The US government will take a stake in the bank in return for the aid which comes on top of the pounds 16.8bn handed to the group in last October's phase of bank bail-outs
Germany had been under rising pressure to take the lead in rescuing eastern EU members, but Chancellor Angela Merkel insisted that a one-size-fits-all bail-out
Spanish Prime Minister Jose Luis Rodriguez Zapatero also ruled out any bail-out
"Nothing has changed in our position - we want Greece to stay in the euro, we think the Greek (austerity) programme is the best course for Greece and, while we respect the on-going efforts in Greece (to form a government), we say that Greece must honour its (austerity) commitments." The Spanish government, now struggling with its own economic crisis and likely to need a massive EU bail-out
, urged Greek politicians to resolve their differences and stick to the austerity path to avoid further economic "contagion".
The NAO has scrutinised taxpayer cash spent on bank bail-outs
and found the total cost of financial advice to the Treasury since September 2007 is expected to balloon to pounds 107m by next April.
I was incensed to hear that RBS, after two bail-outs
from the taxpayer, are giving pounds 20million to the the Six Nation's Rugby.
But Liberal Democrat leader Nick Clegg warned against giving state aid, claiming it would place the government on a "slippery slope" and lead to demands for further bail-outs
THE trouble with government bail-outs
is that, though they are easy to start, they can be very hard to stop.