The hat goes round once more for European banks

The transcript discusses the panic in European stock exchanges following the Asian market crisis, highlighting significant drops in indices like the French Cack 40 and London's market. The failure of Germany's Hypo Real Estate bank exacerbates fears, with banking stocks suffering the most. Despite BNP Paribas becoming Europe's largest bank by deposits, the financial system remains unstable. European leaders convene to devise solutions, but the IMF stresses the need for action beyond declarations. A joint rescue fund lacks unanimous support, and individual countries strive to reassure savers while relying on state intervention to avert financial disaster.

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