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Credit crisis spreads through Europe

Staff Reporter 1 minute read

Fears of contamination from the US credit crisis are rife as the German government leapt to rescue ailing bank Hypo Real Estate on Saturday.

Hypo Real Estate, the country’s fourth largest bank, will be bailed out with a €50bn (A$93.7bn) government rescue loan.

Meanwhile BNP Paribas has announced that it will take control of struggling group Fortis’ operations in Luxembourg and Brussels, making it the biggest bank in Europe, in terms of deposits.

Published: 07-10-08

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Credit crisis spreads through Europe
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