Banking on Europe

摘要

Continental europe is thousands of miles from the busted home loans in Miami and Las Vegas, but that hasn't spared its banks from the fallout. Swiss giant UBS has announced $38 billion in mortgage-related writedowns over the past year, has fired its chief executive and was forced to scrounge up $15 billion in fresh capital. Bank stocks likewise have taken big hits in Britain, which is suffering through its own U.S.-style housing crisis.