Germany races to save property lender Hypo
BERLIN: Germany announced yesterday that it would guaranteed all private savings accounts, joining Ireland and Greece in taking drastic independent action to head off financial crisis. The announcement came as business leaders and lawmakers met in the capital for feverish talks to keep an embattled real-estate giant afloat. Hypo Real Estate AG had been planning on a 35 billion (1 = RM4.81) bailout package financed by the government and private banks, but the deal fell apart on Saturday evening. Chancellor Angela Merkel vowed that she would not let the failure of any company disrupt Europe’s biggest economy. “We will not allow the distress of one financial institution to distress the entire system,” she told reporters while…. Click here to Read More