On October 16, the Swiss government — despite previous assurances that its banking system was largely immune from the worldwide banking crisis — issued a long-term loan of up to $54 billion to its largest bank, UBS AG. Agence France Presse reported that to secure its loan, the Swiss government will take a temporary stake of 9.3 percent in the bank.
During a two-day European Union summit held in Brussels from October 15-16, French President Nicolas Sarkozy (whose country holds the EU's rotating presidency) stressed that the EU would maintain its stringent goals to reduce carbon emissions, despite economic objections from some EU member nations. Following the prevailing opinion held by much of the world, the EU’s leaders have based their continent-wide regulations on the theory that periodic variations in global temperatures are the result of man-made causes, such as emissions of C02 gasses.
The ongoing chaos in the world’s financial markets shows no sign of abating, and governments, financiers, and their kept economists are now openly talking of a reprise of the Great Depression, unless something is done quickly.
His vociferous support for Russia's heavy aerial bombardment and invasion of Georgia notwithstanding, Mikhail S. Gorbachev is scheduled to be presented the Liberty Medal on September 18 by former President George H. W. Bush.