greece using the euro and freeze the global banking system. financial authorities have been trying to pre-empt panic. the head of the european central bank today pledged his group, quote, will continue to supply liquidity to solvent banks where needed, end quote. in other words, if banks can not borrow money from one another, the european central bank will step in. if we see banks hold back, indeed, on trade finance or other factors as well, you basically could see the markets shrink and if that s the case then corporations won t get the loans that they need. that mean corporations won t be able to build and sell. reporter: the bank of england already announced an emergency lending program. the federal reserve meets next week and top financial officials from the group of 20 nations who meet in mexico monday have indicated they will act together if necessary to ensure credit doesn t collapse. there is definitely a sense that there will be some kind of coordination. but
bailout could spell the end of greece using the euro and freeze the global banking system. financial authorities have been trying to pre-empt panic. the head of the european central bank today pledged his group, quote, will continue to supply liquidity to solvent banks where needed, end quote. in other words, if banks can not borrow money from one another, the european central bank will step in. if we see banks hold back, indeed, on trade finance or other factors as well, you basically could see the markets shrink and if that s the case then corporations won t get the loans that they need. that mean corporations won t be able to build and sell. reporter: the bank of england already announced an emergency lending program. the federal reserve meets next week and top financial officials from the group of 20 nations who meet in mexico monday have indicated they will act together if necessary to ensure credit doesn t collapse. there is definitely a sense that there will be
bailout could spell the end of greece using the euro and freeze the global banking system. financial authorities have been trying to pre-empt panic. the head of the european central bank today pledged his group, quote, will continue to supply liquidity to solvent banks where needed, end quote. in other words, if banks can not borrow money from one another, the european central bank will step in. if we see banks hold back, indeed, on trade finance or other factors as well, you basically could see the markets shrink and if that s the case then corporations won t get the loans that they need. that mean corporations won t be able to build and sell. reporter: the bank of england already announced an emergency lending program. the federal reserve meets next week and top financial officials from the group of 20 nations who meet in mexico monday have indicated they will act together if necessary to ensure credit doesn t collapse. there is definitely a sense that there will be
desperate need of a bailout. reporter: it was a clear warning flag: yields on spanish government bonds surged to 7% today, after moody s investors service cut its rating by three notches to just above junk status. that typically means a bailout might be needed. germany has been the go-to source for rescue packages, but chancellor angela merkel said today, her country cannot save europe on its own, adding germany s resources are not unlimited. some international experts says the best solution, and what investors want to see, a unified effort to rescue troubled nations. it would have to be a combination of the europeans as well as maybe the i.m.f. coming in, and so i think if those two would pool their resources i think the resources are there but the question is are spanish leaders willing to do what s need on their part for the europeans and the i.m.f. to come to their aid. susie: how to solve the financial crisis will certainly be the big topic when world leaders mee
candidates against greece s bailout could spell the end of greece using the euro and freeze the global banking system. financial authorities have been trying to pre-empt panic. the head of the european central bank today pledged his group, quote, will continue to supply liquidity to solvent banks where needed, end quote. in other words, if banks can not borrow money from one another, the european central bank will step in. if we see banks hold back, indeed, on trade finance or other factors as well, you basically could see the markets shrink and if that s the case then corporations won t get the loans that they need. that mean corporations won t be able to build and sell. reporter: the bank of england already announced an emergency lending program. the federal reserve meets next week and top financial officials from the group of 20 nations who meet in mexico monday have indicated they will act together if necessary to ensure credit doesn t collapse. there is definitel