and now the dominoes start to fall

German bank announces collapse of 35 billion euro rescue - Yahoo! News



German bank Hypo Real Estate (HRE) said Saturday that a planned 35-billion-euro (48-billion-dollar) rescue had fallen through after the banking consortium involved pulled out of the deal.

The rescue bid was the biggest in German history and came after HRE was sucked into the global financial turmoil through its inability to refinance debt, one of many high-profile European emergency cases in the past two weeks.

HRE said in a statement that a consortium of German banks taking part in the rescue had "refused to provide liquidity lines" and that it was seeking new measures.

The property lender said it was in the process of "determining the consequences" of the consortium's withdrawal on various divisions and that it would seek other solutions.

 

The dollar should climb over the next couple of months as people buy up our paper. The strongest currency however right now is the Yen. In a couple of months after the paper has made its way through our economy I would look for a yen play