When Josef Ackermann called on lenders to help bail out Greece last month, the Deutsche Bank AG (DBK) chief executive officer had already cut his potential losses from the crisis spreading to Italy and Spain. Five days after lenders agreed to back the Institute for International Financeâs plan to accept losses on their holdings of Greek debt, the Frankfurt-based bank said it reduced its risks linked to Portugal, Italy, Ireland, Greece and Spain by 70 percent in the first half. In Italy, the lender cut its exposure to 996 million euros ($1.4 billion) from 8.01 billion euros. The decision helped the bank to escape losses on Italian bonds, which have since slumped on speculation the country will struggle to finance its deficit. It prompted an investigation by Italyâs securities watchdog and has also opened the bank to criticism it helped undermine confidence in the country. That may damage the lenderâs franchise in a country where households save more than other Europeans and pay higher bank fees. http://www.bloomberg.com/news/2011-...alian-risk-shows-germany-is-the-priority.html The Zermans used to be NON cowards - now they are the first to run away ...