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06.10.2008 - Berlin to secure Hypo and all private savings

Germany's government, central bank and financial regulator have agreed to expand a rescue package to keep the faltering lender Hypo Real Estate afloat.

The Czech Republic news are represented by www.czechrepublic-prague.com

The new deal places 50 billion euros in fresh liquidity at the bank's disposal, following the collapse of an earlier 35-billion-euro proposal. Earlier, German Chancellor Angela Merkel announced a plan to guarantee all private savings One of the few remaining slabs of the Berlin Wall sold at auction ...
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accounts in reaction to the banking crisis. Speaking at a joint press conference with Finance Minister Peer Steinbrueck after an emergency meeting in Berlin, Merkel said Berlin would not allow the troubles of the housing bank Hypo Real Estate to become a crisis "for the entire banking system". She added that managers should be held accountable for what she termed "irresponsible" deals.

(Deutsche Welle)


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