In Europe, Weathering Credit Storm From U.S.

The article reports that the U.S. subprime mortgage crisis is still plaguing financial systems in Europe such as Paris's CIFG Holdings, and Swiss Re Corp., a Zurich, Switzerland reinsurance firm. According to Axel A. Weber, president of the German central bank Bundesbank, failout from the U.S. crisis may affect other sectors of Europe's economy. In order to save CIFG, French banks bought up the institution for $1.5 billion.