German cabinet backs plan to nationalize Hypo Real Estate
Germany's Commerzbank Announces Partial Nationalization
Back on July 20, 2010 (the 66th anniversary of the Stauffenberg attempt on Hitler's life) we were told that the listed German banks as well as the state owned Landesbanks had passed the stress tests.
Here's the latest via Mish's Global Economic Trend Analysis:
Via Google Translate [with some minor tweaks by me where obvious], Spiegel Online reports Federal Government is considering nationalization of Commerzbank
After the end of 2008, the institute plunged into the vortex of the financial crisis and needed financial assistance. The federal government holds 25 percent plus one share. Germany wanted Commerzbank CEO Martin Blessing to be independent again as quickly as possible . But now SPIEGEL reports information the contrary, that the federal government does not rule out the nationalization of Commerzbank.Commerzbank Desperately Needs Money
If Commerzbank, the second largest German bank does not manage to get hold of enough capital by next summer, Germany will resume the Berlin bank rescue fund Soffin and take on additional shares according to government sources.
In a separate article Spiegel Online reports Commerzbank considers selling daughter bank € Hypo.