see below statement. This will put massive pressure on european bank stocks on Monday. Only chance is they find a bailout on sunday but this would involve a volume of 100 billion Euro instead of 35 billion, I doubt German gouvernment will like to throw this much money at HRE. Pressure on Commerzbank and Deutsch Bank likely. Hypo Real Estate Group makes statement on current situation - Rescue package currently withdrawn Munich, 4 October 2008 - The EUR 35 billion rescue package promised to the Hypo Real Estate Group and extending into 2009 announced last week is currently withdrawn. The intended rescue package involved a liquidity line to be provided by a consortium of several financial institutions. The consortium has now declined to provide the line. The Group is now in the process of determining the consequences of this for the legal entities within the Group. Alternative measures are being investigated.
Deutsche Bank is safe... they are very fiscally conservative. DB's auditors took a look at Hypo and saw that it was likely that Hypo needed 3 times as much as they had hinted as needing for getting through... DB then withdrew from negotiations, and it seems likely that the the government will have to bail them out, since the secondary effects of Hypo failing are great.
Hank speaks German. No Worries he is on the phone with Berlin as we speak. Here is the video <object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/fzuinISI9Bk&color1=0x11645361&color2=0x13619151&hl=en&fs=1"></param><param name="allowFullScreen" value="true"></param><embed src="http://www.youtube.com/v/fzuinISI9Bk&color1=0x11645361&color2=0x13619151&hl=en&fs=1" type="application/x-shockwave-flash" allowfullscreen="true" width="425" height="344"></embed></object>
Of course Hank speaks German, all Benedict Arnold Traitor Nazi Pigs speak German (sorry if I offended any Nazi's).