29.09.2008 - German mortgage bank near bankruptcy
From Economictimes.com: Germany's Hypo Real Estate, a mortgage bank, is on the brink of bankruptcy, the daily Financial Times Deutschland reported in an advance copy of its Monday edition. Private German banks have been trying "feverishly" to find a way to rescue the institution, which was already hit hard by the US subprime loan crisis that began in August 2007, the FTD said. The report said the Munich-based bank, which is listed among Germany's 30 blue chip Dax companies, had fallen victim to speculation by its German-Irish unit Depfa. FTD said Depfa had pursued long-term projects with heavy loans and generally ensured refinancing only at the last minute, which due to the current global credit crunch is no longer possible..... Full Article: Source
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