The German government will have to bail them out if they fail
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That refusal stems from the exigencies of the German electoral system. What was actually said is that no state aid would be forthcoming before the elections for the German parliament (the Federal one) next year. That could quite possibly be true. But that?s very different indeed from stating that there would be no rescue if one were needed. For there are shades to this ?aid?, ?rescue? and so on stuff.
Forbes Welcome
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More likely; a breakup and sell off of the good assets to another German bank -- the government (insurer) gets the garbage ...