Friday, Mar 28, 2008
Speculation about huge losses in Germany
Spiegel: German Banks Could Hemorrhage 70 Billion Euros
Subprime losses of 70 Billion Euros mooted at German Banks with exposure to US Toxic Waste. Before we get too happy about this maybe their reporting is more honest or at least at a different stage in revealing the "true" extent of losses. What position are UK Banks really in?
The fallout in Germany from exposure to America's subprime crisis may turn out to be far bigger than previously feared. One major newspaper is putting estimated losses at a whopping 70 billion euros, while a prominent politician warns that the US recession has already arrived in Germany.
Posted by mken @ 06:27 PM (192 views) Add Comment
1 Comment
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1. bystander said...
............but, but, but the IFO says manufacturer confidence is rising. I know that Porsche, BMW and Mercedes all released as much capital from their banks as they could a month back. Maybe they saw it all coming. I would say that mainland Europe is lagging some 6 months behind the UK. Any opinions????????