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Europe which was hitherto looking secure and safe has now started showing clear signs of credit crisis related problems. One of the biggest banking group in Europe, Fortis, was bailed out by three European governments costing over sixteen billion dollars last week. Now, few more governments have poured over 18 billion dollars to save three Fortis subsidiary companies from going under. Experts feel that with property prices plunging across Europe for the past several months, and many of these banks having strong links with US institutions, it is only a matter of time before many more European banks collapse.

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