The German government raced on Monday to reassure investors and individual savers that it will protect the Europe's biggest economy from falling victim to the global financial crisis.
Peter Struck, the head of the Social Democratic Partyâs parliamentary group, on Thursday slammed Deutsche Bank CEO Josef Ackermann for demanding Germany set up a government bailout plan for troubled banks.
Signs of discord between France and Germany emerged on Thursday ahead of a proposed meeting on the financial crisis by the leaders of Europe's four biggest economies in Paris at the weekend.
Europe should prepare a financial markets safety net similar to one being cobbled together in the United States, the head of the biggest German bank, Deutsche Bank, said on Wednesday.
Deutsche Bankâs chief economist Norbert Walter told daily <i>Stuttgarter Nachrichten</i> on Wednesday that Germany and Europe would not be able to avoid recession in light of the ongoing global financial crisis.
German Chancellor Angela Merkel said on Tuesday that she expected a stalled US financial rescue package to be passed by lawmakers this week, as it is needed to bring "new confidence" to the markets.
The German mortgage bank Hypo Real Estate (HRE) was granted a last-minute "multi-billion euro" credit line from a consortium of German banks that allowed it to avoid declaring bankruptcy, it said Monday.
Germany's KfW said Monday it had fired two directors who have been suspended since the state development bank transferred more than âŹ300 million to Lehman Brothers after it filed for bankruptcy.
After years of pressing for tighter financial regulation German politicians got a bad case of schadenfreude and "I told you so" last week as US financial system grappled with the biggest crisis since the Great Depression.
German business confidence dropped for the fourth straight month in September, the key Ifo index showed on Wednesday, as the biggest European economy was gripped by the international financial crisis.
Germany on Monday said the country would not participate in the US governmentâs $700-billion bailout package for troubled banks, as Chancellor Angela Merkel renewed her call for greater regulation of the financial sector.
The âŹ350-million transfer to Lehman Brothers from German state development bank KfW transfer was not a mistake, according to the Monday edition of daily <i>Frankfurter Allgemeine Zeitung</i>.
Three officials called "Germany's dumbest bankers" have been suspended at state development bank KfW after it mistakenly wired a huge sum of money to Lehman Brothers as it was collapsing.
The European Central Bank and the world's top monetary authorities on Thursday announced a huge onslaught to boost the liquidity available to troubled global money markets.
State development bank KfW was assailed by the German government on Wednesday for mistakenly transferring âŹ300 million ($427 million) to Lehman Brothers just as the US investment bank was collapsing.
German Chancellor Angela Merkel on Wednesday called for tighter regulatory control on the international financial system following the recent turmoil on Wall Street.
German economists and banking experts said on Tuesday the worldâs third largest economy would likely cope fairly well with the fallout from the demise of US investment bank Lehman Brothers.
Despite dark clouds on the horizon, Finance Minister Peer SteinbrĂźck said on Tuesday Germany was well positioned to weather the financial crisis that brought down US investment bank Lehman Brothers.
The German Finance Ministry on Monday said the countryâs exposure to the collapsed US investment bank Lehman Brothers was âmanageable,â but that didnât stop financial shares from tanking on the Frankfurt stock market.
German Finance Minister Peer SteinbrĂźck has said he expects a solution for ailing US investment bank Lehman Brothers by Monday, adding that the bank's fight for survival shows how fragile the sector remains more than a year since the financial crisis started.
Shares in Germany's second biggest bank, Commerzbank, fell through the floor Monday after it unveiled a nearly âŹ10-billion takeover of rival Dresdner Bank.
German insurance giant Allianz said on Sunday it would sell the nation's third-largest private bank, Dresdner Bank, to number two Commerzbank for âŹ9.8 billion ($14.4 billion).
