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Rescue fund reopens
Source: Agencies |
December 15, 2011, Thursday
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Print Edition
Print Edition
GERMANY moved yesterday to reactivate its financial sector rescue fund as the eurozone debt crisis raises more questions about how banks can cover their capital needs.
Chancellor Angela Merkel's spokesman said the Cabinet decided to reopen for aid applications the 360-billion-euro (US$474 billion) fund, first set up at the peak of the 2008 financial crisis.
It was closed at the end of 2010, but continued to help banks that were still receiving aid.
Most of the money in the fund - which totaled 60 billion euros for potential capital injections and 300 billion euros for loan guarantees - remains untapped.
Chancellor Angela Merkel's spokesman said the Cabinet decided to reopen for aid applications the 360-billion-euro (US$474 billion) fund, first set up at the peak of the 2008 financial crisis.
It was closed at the end of 2010, but continued to help banks that were still receiving aid.
Most of the money in the fund - which totaled 60 billion euros for potential capital injections and 300 billion euros for loan guarantees - remains untapped.
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