Germany’s Hypo Real Estate says rescue collapsed

Oh no, EUR indicated -1.25% on Globex futures. I thought the conservative German banking system was shielded from the global financial crisis? Where's Mr. 'big mouth' Steinbruck now?

"... that the European financial system is superior... oh damn wait, never mind"
Steinbrueck-dpa-gr.jpg
 
Quote from Gringinho:Also, Hypo pertains to businesses and not retail private customers - so there is no squeeze on German banks as of yet.
:p
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Excuse me, didn't a couple of German 'Landesbanks' go bust? What about IKB?

Banks full of corrupt and retired German politicians and fully backed by German taxpayers? And you say there's no squeeze on German banks?
 
Quote from makloda:

Excuse me, didn't a couple of German 'Landesbanks' go bust? What about IKB?

Banks full of corrupt and retired German politicians and fully backed by German taxpayers? And you say there's no squeeze on German banks?
More...

IKB - the KfW subsidiary ... after US Lehman Bros. stole €300 million ... yes.

The corruption might have been evident in that case, and a blatant US LEH robbery in my opinion.
 
German Private Banks Offer EU30 Bln for Hypo Rescue, DPA Says

By Brian Parkin

Oct. 5 (Bloomberg) -- German banks offered to top up their contribution to a rescue package for Hypo Real Estate Holding AG to 30 billion euros ($41.3 billion) from 8.5 billion euros, the newswire Deutsche Presse-Agentur reported, citing unidentified bank officials.

The banks, currently in talks with the German government over salvaging a bailout of Hypo, want the lender's Chief Executive Officer Georg Funke and Supervisory Board Chairman Kurt Viermetz to step down, DPA reported.
 
Yes, but only € 69bn...
They will probably need more, but maybe they can manage to turn some stones during the next months.
 
it is gone. looks like a nationalization with shareholders wiped out. we will need more time to understand the ramifications across the eu banking system but certainly looks like there are more to come.
 
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