Der Spiegel: CRUMBLING PILLARS

Another post from your local Euro monitor: Growler! "if a number of these state-owned banks run into financial difficulties, it could jeopardize the entire system. Although this scenario was considered extremely unlikely until now, the American subprime mortgage crisis has done more than just upset worldwide financial systems. The most spectacular losses in this crisis have been limited primarily to non-German financial institutions until now". As this article illustrates; the conservative, traditionally risk-averse German banking system has also been a victim of the US subprime problems. Expect more than "Rock in a hard place" in the UK for sure