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German Finance Minister Blames US for Financial Crisis | Germany | Deutsche Welle | 25.09.2008
German Finance Minister Peer Steinbrueck deemed the US banking crisis an "earthquake" that will cost the US its role as a superpower of the world financial system. He stressed that German banks can cope with losses.

"Wall Street and the world will never again be the way they were before the crisis," said Steinbrueck in a speech to the German parliament, the Bundestag, on Thursday, Sept. 25. Write-downs and write-offs of bad credit spawned by "a blind drive for double-digit profits" have so far totaled $550 billion and no end to the crisis is in sight, he added.

The world financial system will consequently become more "multi-polar," he predicted.

Steinbrueck told the Bundestag that the Group of Seven (G7) finance ministers would be meeting in Washington next month to discuss how to tighten regulation of capital markets.

by Fran on Thu Sep 25th, 2008 at 03:15:17 PM EST
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