The German government has guaranteed all bank savings AND negotiated the biggest bank rescue in the country's history - je 06.10.2008 08
Sebastian KatzerOctober 6, 2008
The German government has guaranteed all bank savings AND negotiated the biggest bank rescue in the country's history. Late Sunday, the Finance ministry announced an emergency rescue package of 50 billion euros designed to help Hypo Real Estate (HRE), the country's fourth-largest bank, stay afloat. It also announced unlimited backing for personal savings deposits as public confidence foundered. The moves came after European leaders pledged to step up coordination but stopped short of agreeing a joint fund along the lines of the rescue package passed by the US on Friday.