Europe: Scramble on to rescue big banks

October 5, 2008

Dear friends,

A financial crisis of historic proportions is now spreading through Europe with governments scrambling to contain the crisis.

Story Highlights

* Germany's Finance Ministry convenes crisis talks after bank bailout deal fails* Hypo Real Estate Holding AG is the country's No. 2 commercial property lender* German government to guarantee all private savings accounts* Belgium government battles to save Fortis, Iceland considers urgent action

STOCKHOLM, Sweden (AP) -- Governments across Europe scrambled to save failing banks on Sunday, working largely on their own a day after leaders of the continent's four biggest economies called for tighter regulation and coordinated response to the global meltdown. GERMAN Chancellor Angela Merkel said she would let a bank collapse disrupt the economy. In Berlin, the German government held crisis talks after the collapse of a $48.4 billion bailout of Hypo Real Estate AG, the country's second biggest property lender. German Chancellor Angela Merkel said that Europe's biggest economy would "not allow the distress of one financial institution to distress the entire system." The country's Finance Minister Peer Steinbrueck later said it would guarantee all private savings accounts. Merkel said no citizen should fear for the safety of their savings.

In ICELAND -- particularly hard-hit by the credit crunch -- government officials and banking chiefs were discussing a possible rescue plan for the country's overstretched commercial banks.

BELGIAN Prime Minister Yves Leterme said he aimed to find a new owner for troubled bank Fortis NV to restore confidence in the company before the opening of markets on Monday. The bank's DUTCH operations were nationalized amid fears they could go insolvent.

BRITISH treasury chief Alistair Darling said that he was ready to take "pretty big steps that we wouldn't take in ordinary times" to help the country in weather the credit crunch.

http://edition.cnn.com/2008/BUSINESS/10/05/german.bank.hypo.rescue.ap/index.html

Attached are charts for the UK, France and Iceland.

Certainly, the crisis is seen in the authentic UK chart, which is running Mars-SATURN period. 6th lord in 12th house is afflicting 2nd lord VENUS in Libra as is natal 8th lord MARS in 8th house, also casting an aspect to transit KETU in the 11th house. Meanwhile, the transit nodes are mutually afflicting with the natal nodes and afflicting transit 1st lord MERCURY. Finally, transit 4th lord JUPITER is stationary conjunct 12th lord SUN.

In the tentative chart for France, Moon-KETU period is operating, with Ketu afflicting natal MOON, with less indications of permanent damage.

In Iceland, transit 6th lord is afflicting 2nd lord VENUS in Libra, with 8th lord MARS afflicting the 2nd house and natal KETU in the 5th house. Meanwhile transit RAHU is afflicting 1st lord MERCURY in the 1st house, also afflicted by transit 12th lord SUN. Natally, 12th lord SUN closely afflicts an extreme infant VENUS, suggesting setbacks to wealth.

Best wishes,

Thor