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German Bank To Be Sold This Weekend As Crisis Looms

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Stricken German bank expected to be sold this weekend
Sat Aug 25, 2007 5:30PM BST
) - Stricken German state lender SachsenLB is expected to be sold this weekend to another German state bank, Horst Metz, the finance minister of Saxony, said on Saturday.
"We are in talks with the Landesbanks. We agree that the talks will continue and that they will be brought to a successful conclusion. We assume that we will find a good solution this weekend," he told reporters after a special cabinet meeting.
The eastern state of Saxony and local community savings banks own SachsenLB, the second German casualty after the subprime mortgage crisis led to difficulties in world credit markets.
Last week a group of state banks said they would rescue the bank. In return for a 17 billion euro (11.5 billion pounds) credit line to keep it afloat, the owners were forced into agreeing to its sale, a milestone in Germany, where few state-owned banks are ever put up for auction.
Germany has taken the brunt of the European fallout so far from problems stemming from subprime home loans as two of the country's banks have almost collapsed, requiring high-profile industry bailouts.

I am not so sure it is safe to get back into stocks at this point in the cycle as the poisons are only just beginning to hatch out.* Anyone considering "investing" in property should abandon any such notions and wait---a long time. :o


* http://business.scotsman.com/finance.cfm?id=1354282007

'Worst is yet to come' in credit crisis


GLOBAL stock markets remain on high alert amid warnings that the full impact of the credit squeeze has yet to emerge.

Edited by Realistbear

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