Another major European financial institution is teetering on the brink of collapse after a banking consortium withdrew from rescue talks.
Germany's second-largest mortgage lender, Hypo Real Estate, said a bail-out deal had fallen apart.
Correspondents say its failure will put further strain on financial institutions in other countries.
The news came as EU leaders at a Paris summit stopped short of offering a US-style rescue plan to banks.
Hypo Real Estate, which has large amounts of bad debt, has suffered from the credit squeeze in international markets.
more ...
------------------------
Check out the rest of this blog here.
Sunday, 5 October 2008
Subscribe to:
Post Comments (Atom)
