$1.46B: Germany is shoveling money at their floundering banks just as fast as the U.S.
trying to prevent a "significant loss of confidence" is a hoot and a half... the confidence is gone, baby, gone...
German Economy Minister Michael Glos announced Wednesday that the government, via the state-owned KfW banking group, will bail out the beleagured IKB Deutsche Industriebank AG to the tune of 1 billion euros ($1.46 billion).
Glos said that the Dusseldorf-based bank needs a total of 1.5 billion euros as a result of losses resulting from the subprime crisis. Other banks and investors will have to come up with the remaining money, he said, adding that it was still not clear "who will be taking part and for how much."
Finance Minister Peer Steinbrück warned that allowing IKB to go bankrupt would raise the risk of "a significant loss of confidence in Germany's entire financial sector."
$1.46 BILLION...! damn...! Submit To Propeller