The major Financial group Fortis went under last week and was bailed out by three European governments at a cost of over 14 billion US dollars. The pumping in has been done consciously to reduce the risk of more related failures. Already two major banks have failed in Iceland, due to their holding of invalid toxic mortgage papers issued by the now defunct Lehman bros and other weak US institutions. These failures are expected to pull down the growth of the Euro zone to nearly nil in the coming year, aver experts.
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