Financial crisis: Hypo Real Estate is fighting for its existence (04.10.2008) je 12
Michael BärOctober 5, 2008
German financial officials are engaged in urgent efforts to try and save the latest bank threatened by the global credit crisis. Property lender Hypo Real Estate says it is fighting for its existence after other German banks and insurers pulled out of a 35-billion euro state-led rescue plan. Newspaper reports said banks involved in the rescue consortium withdrew their support after discovering the lender's troubles are more serious than first thought. A spokesman for the German finance ministry says experts from the government, the federal bank, and financial regulator BaFin are assessing the situation.