GOSH, WE REALLY THOUGHT OTHERS WOULD TAKE THE LEAD FOR ONCE...:

European bank rescue plan in tatters amid savings stampede (Patrick Hosking, 10/03/08, Times of London)

Plans for a pan-European response to the global financial crisis lay in tatters last night as Greece followed Ireland in unilaterally guaranteeing all bank deposits.

Amid reports that Greek depositors were rushing to withdraw their savings, Greece's Cabinet agreed to protect all deposits whatever their size. Previously the maximum guaranteed was €20,000 (£15,600).

A proposal by President Sarkozy of France to create a European €300 billion bailout fund also collapsed, leaving attempts on this side of the Atlantic to calm investor panic and lubricate the money markets in chaos.