Tuesday, November 4, 2008

The European Mortgage Crisis

Germany's Commerzbank is going to draw down 8.2 billion euros from the German bank stabilization fund. This comes after last week's announcement that Hypo Real Estate would seek 500 billion euros in aid from the German government. 500 billion euros, even at today's exchange rates, comes close to the $700 billion US bailout package, but propped up by a much smaller German economy.

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