The European Commission has told the United States to live up to its special responsibility to solve the global financial crisis. German Chancellor Angela Merkel has urged the United States to pass a financial system rescue package by the end of this week.
She also expressed her full support for a government guarantee for troubled German mortgage lender Hypo Real Estate. She said the 35-billion-euro package in co-ordination with private banks would prevent turmoil in Germany's payments system. Across Europe more banks are being resuced by government intervention. In the latest case, Belgium, France and Luxembourg have agreed to inject 6.4 billion euros into the troubled Franco-Belgian bank Dexia.
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