Friday, October 17, 2008

german 480 billion euro bailout

While a lot of noise was being made about the american bailout, the German parliament has hastily approved a 480 billion euro (approx. $650 billion) rescue plan for the financial sector, even though there is not as much of a mess as in the USA., (but the economy sure seems to be slowing down to a crawl)
Most of the money is for lending guarantees for banks and some of the money may be spent on buying up risky assets.
A major difference seems to be that banks participating in the plan will have to obey government conditions on executive pay, directions on lending, more government oversight etc.

At the same time the german government does not seem inclined to help bailout the beleagured carmakers in the auto sector.

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