PARIS, October 19, 2008 (AFP) – Nations around the world took new emergency steps Sunday to shore up the international banking system and restore investor confidence, as a yawning finance crisis continued to roil global markets.
The crisis led Sunday to the ouster of the top brass at a top bank in France and prompted the Dutch government to bail out another in the Netherlands.
The top echelon of France’s Caisse d’Epargne quit at an emergency meeting Sunday, the latest casualties of the ongoing crisis.
The chairman, director-general and finance director of the French bank quit over a 600 million euro (800 million dollar) loss in a derivatives trading “incident” on October 6 as world share markets were crashing over the global finance crisis.
Also on Sunday, the Dutch government announced that it will inject 10 billion euros (13.4 billion dollars) into ING, one of the world’s 20 biggest banks.
The Netherlands government made its announcement after ING announced Friday that it expected a 500 million euro net loss in the third quarter.
Tumult in Europe’s banking sector followed similar upheaval in South Korea, which on Sunday offered up to 100 billion dollars in guarantees for bank borrowing in foreign