Word: hypo
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Dates: during 2000-2009
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That difference may be a reflection of Germany's relative tardiness in addressing the crisis and high-profile $68 billion bailout of its Hypo Real Estate mortgage group. It could also reflect the French public's belief that its national penchant for state intervention into private-sector economics will not prove lacking this time around...
...stupid and greedy as their American comrades-in-harm - and this in countries that pride themselves on having tamed the capitalist beast in the name of equality and social justice. So while the U.S. government has had to save Fannie Mae and Freddie Mac, Germany has had to save Hypo Real Estate with $69 billion. Berlin has also guaranteed all private accounts to the tune of $1.37 trillion. Britain has served up a bailout plan for its banks worth about $88 billion, and even Moscow has pumped $186 billion into the Russian banking system...
...leaders of Britain, Germany and Italy to Paris on Oct. 4, German Chancellor Angela Merkel coolly torpedoed his proposed $409 billion Europe-wide financial rescue plan. No money for the greedy fools of other lands, she seemed to say, only to then guarantee German private bank accounts and save Hypo Real Estate. That followed similar moves by Ireland and Greece. And Britain's Gordon Brown will always be loath to see Brussels lay its regulatory hand on London's City; his recapitalization of Britain's banking sector was no less unilateral than Merkel's actions...
...member E.U., including the 15 that use the euro currency, all seemed concerned first and foremost with the conditions of their own imperiled banks. Nowhere more than in Germany, where the Finance Ministry enjoined German banks to double their commitments to bail out troubled mortgage giant Hypo Real Estate AG. A rescue deal that was hailed last week at a total cost of $48 billion had crumbled; now it is pegged at a minimum $69 billion, $21 billion of that from state coffers. Some analysts voiced concerns that even that might not be enough. (For photos of the financial crisis...
...prop up five ailing financial institutions with huge cash infusions or full-blown nationalization, making it one of the grimmest days in the history of European finance. Among the high-profile casualties were Fortis, Belgium's largest bank; the venerable British mortgage lender Bradford & Bingley; and Germany's Hypo Real Estate, which has a massive $560 billion balance sheet and is a big player in the domestic securities market. As the governments stepped in, the message they sent to the public was supposed to be reassuring: Don't panic - your money is safe. Most European nations have some sort...