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It has been decided that Germany will not help ailing lenders, such as Deutsche Bank, says a senior lawmaker in Chancellor, Angela Merkel’s conservative bloc. As Merkel met with European Central Bank chief, Mario Draghi, today, Berlin has already flatly denied it is planning any repeat of the taxpayer-funded bailouts that Germany and other Western countries mounted during the global financial crisis of 2008.
The German government view is that Deutsche Bank is “adequately capitalized,” said Piers Brown, a London-based analyst at Macquarie, “I don’t think there’s any basis for them to step in.”
After Chancellor Angela Merkel told Germany’s Focus magazine the decision on Friday, investors became increasingly concerned. It seems that the bank cannot pay the $14 billion ordered by the U.S. Department of Justice to settle claims related to the bank’s selling of mortgage-backed securities. Deutsche Bank shares fell 7 percent in New York trade Monday to $11.85. This is well below the 2009 financial crisis low of $18 a share.
This caused the Dow to drop 200 points in 5 minutes’ time. Let’s keep an eye on this economy. Anyone who tells you it’s stable, cannot be trusted.