Euro Area May Need to Bail Out and Nationalize Some Lenders, Westpac Says

From bloomberg.com

European officials may have to bail out and nationalize some private banks to avoid another global recession, said Russell Jones, global head of fixed-income strategy at Australia’s second-biggest lender. “The last thing really the global economy needs now is a major banking crisis in the euro zone,” Jones, of Sydney-based Westpac Banking Corp., said in an interview yesterday on the Australian Broadcasting Corp.’s “Inside Business” program. “The governments are going to have to put their hands in their pockets.” Group of Seven finance chiefs and central bankers vowed in recent days to support banks ... (full story)