I think 2009 could be the year a major country collapses, i.e. England or Switerzland or even the EU has trouble keeping on the same page. All of those would be disastrous and we better hope that such a scenario remains only a thought. However tempers are flaring as a result of the crises.
The French government's plan to shore up the capital position of France's six main retail banks is being blocked by the European Commission, which insists they must reduce their lending in return for state support.
The French government reacted furiously to the Commission's argument. One senior official described it as "ridiculous" and "stupid" because it would exacerbate the credit crunch - the very thing Paris said it was trying to avert when it decided last month to inject capital into all its large high-street banks.