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For Germany, it could mean providing a financial backstop to prevent Spain from going bankrupt.
Remember this: Financial backstop is just another term for a taxpayer bailout.
But the precedent was set: The Fed was the financial backstop to the world.
"The American people cannot be the world's financial backstop," Senator Lee said.
E.U. officials are searching for ways to reinforce the euro zone's financial backstop by increasing its effective lending capacity and broadening its scope for action.
Europe's political leaders have taken important steps to improve spending discipline among euro members, provide a financial backstop for troubled euro zone countries and consolidate supervision of banks.
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Joint financial backstops have been put in place.
Common banking supervision is needed for strengthening confidence among countries using common financial backstops.
Mr. Osborne also identified financial backstops for banks as one of the most important features of the United States stress tests at the start of 2009.
Many analysts have warned that Portugal and the much larger Spain might have trouble handling their debt load, potentially overwhelming the euro zone's existing financial backstops and endangering the currency area as a whole.
The deal may also have to be looked at by state legislators, who previously approved financial backstops.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com