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The sums come close to the annual budgets of some countries (Photo: EUobserver)

Europe spends trillions in historic bank rescue

In a violent swerve away from the laissez-faire capitalism that has underpinned Western society for the past three decades, EU states on Monday (13 October) outlined the details of a historic state bail-out of Europe's financial sector.

The total size of the rescue promise remains fuzzy, with newspapers across the continent totting up the the mind-boggling sums announced in slightly different ways.

But Europe has so far announced the release of around €2 trillion to save banks f...

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The sums come close to the annual budgets of some countries (Photo: EUobserver)

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