| From IHT: Germany won European Union approval Thursday for a €35 billion (US$51.2 billion) bailout of Hypo Real Estate Holding AG. Monday, the bank became the first German blue-chip company to seek government rescue in the global financial crisis, as European governments rushed this week to shore up financial groups that risked collapse after share prices plummeted on fears they could not cover debts.
The European Commission said it had cleared the financing package for Germany's No. 2 commercial property lender until April 2009. EU Competition Commissioner Neelie Kroes said the case showed that EU regulators could move fast when needed..... Full Article: Source
|