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Germany writes itself off!

Financial Minister Wolfgang Schäuble during a Bundestag debate over the next billions for a greek bailout.

 

Berlin, March 9, 2012

Is Germanys budget now endangered?
Banks, insurers and investment companies who gambled with worthless greek bonds will all be writing off billions of losses, which leave the "estimated" german budget with an uncalculated deficit!

One of the biggest "losers" is financial Minister Wolfgang Schäuble, the HRE/FMS Wertmanagement stated yesterday that the estimated losses are at 8,2 bn Euros!

The Erste Abwicklungsanstalt (former WestLB) will post losses of about 900 mio,
the HSH about 50 mio, the rest of Germanys Landesbanken will loose about one billion Euro!