Instead of defaulting, countries arranged rescue packages with the IMF.

So governments bailed out banks and economies, producing a sovereign debt crisis.

Central banks and finance ministries are also complicit, since debt gets bailed out far more aggressively than equity does.

In the event of sovereign defaults, moreover, the cost of bailing out the banks may far exceed the cost of issuing Eurobonds or instituting a reasonable transfer regime.

Saving France, Saving Europe

But rescuing banks is not the same as rescuing the euro. Moreover, rescuing the euro is not the same as rescuing the European project.

FLORENCE Fears about sovereign debt and doubts about the euro rescue package have pushed the question of international reserve currencies to the fore.

Saving Resources to Save Growth

MUNICH In blatant violation of the Maastricht Treaty, the European Commission has come forward with one bailout plan after another for Europe s distressed economies. Now it wants to socialize not only government debt by introducing Eurobonds, but also banking debt by proclaiming a banking union.

Instead of restructuring the manifestly unsustainable debt burdens of Portugal, Ireland, and Greece (the PIGs), politicians and policymakers are pushing for ever larger bailout packages with ever less realistic austerity conditions.

Debt write downs and guarantees will inevitably bloat Germany s government debt, as the authorities are forced to bail out German banks (and probably some neighboring countries banks).

There was a lot of bank rescue in economic stimulus and there was a lot of economic stimulus in rescuing banks.

Latin America had a big debt crisis that broke out in 1982, but in fact there were almost no defaults (with the exception of Peru and, for a few months in late 1987, Brazil). Instead of defaulting, countries arranged rescue packages with the IMF.

Portugal needs a new rescue program, and Slovenia could soon be asking for a rescue as well.

Can Russia be Saved?

And the local seabird rescue center, named SANCCOB, immediately launched a massive rescue operation and this soon would become the largest animal rescue ever undertaken.

Saving the House

Saving Ukraine

Rescuing a Revolution

Rescuing Annapolis

Rescuing Yemen

A rescue mission

By saving themselves, they may also be able to play an instrumental role in saving China.

Picking up the child is _______.

Saving elephants in perils in Zambia

In Europe, every balance sheet available has been tapped to forestall a debt crisis in the periphery, resulting in large bailout packages for Greece, Ireland, and Portugal, and the contamination of the ECB s balance sheet.

Saving Central America

Saving Global Order

Saving General Petraeus

Saving Syria and America

Saving the Egyptian Revolution

Saving the Greek Sinner

The Price of Saving a Tree

As a result, the administration has confused bailing out the bankers and their shareholders with bailing out the banks.

Germany s banks today are the most highly leveraged of any of the major advanced economies, while at the start of the crisis they held close to one third of all loans made to the public and private sectors of Greece, Portugal, Ireland, Spain, and Italy.

Saving Greece, Saving Europe

Saved by Taxes

Saving Public Sarkozy

Saving Europe s Real Hegemon

China s American Bailout?

Team trying to rescue the elephants.

The crisis started with too much private debt and leverage, which became public debt and deficits as crisis and recession triggered fiscal deterioration and private losses were mostly socialized via bailouts of financial systems.

In September 2010, four months after the official Greek bailout was put in place, the IMF issued a pamphlet asserting that default in today s advanced economies is unnecessary, undesirable, and unlikely.

That technology will be used on de extincted animals.

Germany and the other countries of the eurozone core are signaling that debt mutualization within the monetary union is out of the question, and that bailouts of countries or financial institutions will be balanced by bail ins of their creditors.