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German cabinet backs bank nationalization
Source: Agencies |
February 18, 2009, Wednesday
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Online Edition
Online Edition
GERMAN Chancellor Angela Merkel's cabinet approved a draft law today which would allow Berlin to nationalize stricken banks to shore up the financial system, a government source said.
The bill paves the way for the government to take control of Munich-based lender Hypo Real Estate and leaves open the possibility of an expropriation of its shareholders as a last resort.
Hypo has received a total of 102 billion euros in guarantees from the state and fellow banks but its financial condition remains shaky.
The bill paves the way for the government to take control of Munich-based lender Hypo Real Estate and leaves open the possibility of an expropriation of its shareholders as a last resort.
Hypo has received a total of 102 billion euros in guarantees from the state and fellow banks but its financial condition remains shaky.
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