Randomness (r_ness) wrote,
Randomness
r_ness

Not just "an American problem".

Last week in the German parliament, finance minister Peer Steinbrück declared, "The financial crisis is above all an American problem."

Guess not.

Over the weekend, he was scrambling to organize a €50 billion rescue package to save Hypo Real Estate Holding AG, one of Germany's biggest housing lenders. To try to stop a bank panic, the German government also had to match the Greek and Irish governments and announce a national guarantee on all consumer bank deposits.

Maybe he should have waited a bit before indulging in schadenfreude.
Tags: money
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