Germany’s banking bail-out is a shambles. Or is it?
The latest German bank bail-out, that of HSH Nordbank today, has bypassed SoFFin, the federal government’s vehicle. So just how many bank bail-out vehicles does Germany need and why isn’t the real SoFFin helping? Germany and its states might appear to be in a mess of conflicting bail-outs — but in fact there are some sound principles of reform at work.
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