The German government has offered an unlimited guarantee for all private bank deposits, a finance ministry spokesman told AFP on Sunday, in a bid to prevent a panic run on banks in Europe's biggest economy.
The German government, the Bundesbank central bank and market regulators have agreed with the private banking sector a new €50-billion rescue package for stricken bank Hypo Real Estate, the finance ministry said on Sunday evening. Earlier in the day, the government had announced that all German savings would be guaranteed if banks failed.
Chancellor Angela Merkel said on Sunday her government was scrambling to salvage a rescue plan for Hypo Real Estate, saying she would not allow problems at the stricken commercial property lender to infect the entire banking system.
Berlin has developed into a European centre for Vietnamese human traffickers, prompting German and French authorities to set up a joint group to combat crime, a German magazine has reported.
Some six million people braved rain and cool temperatures to hit the Wiesn and chug 6.6 million pitcher-sized mugs of beer at Munich’s 175th Oktoberfest which ended on Sunday.
Germany's leading retailer Metro is to slash "hundreds of jobs" across the country as part of a radical restructuring plan, according to a newspaper report.
Bayern Munich coach Jürgen Klinsmann said he was hurt to hear his side jeered by their own fans, but admitted his team deserved it after leaking two late goals in Saturday's 3-3 draw with Bochum.
German Interior Minister Wolfgang Schäuble has warned in a magazine interview that the global financial crisis could have political repercussions, noting that Adolf Hitler rose to power following the 1929 Wall Street crash.
Hypo Real Estate, Germany’s stricken commercial property lender, said it's fighting for survival after a 35-billion-euro government-backed rescue plan for the company fell apart.