Germany to Guarantee Private Savings Accounts in Struggling Banks

In an effort to assure German citizens that their money is safe Chancellor Angela Merkel has announced all private savings accounts will be protected.

Merkel’s announcement comes just after the country’s second largest commercial property lender, Hypo Real Estate, saw its rescue plan collapse and now face an uncertain future.

European financial institutions have been struggling due growing skepticism in the global financial system. EU leaders have held meetings in an attempt to find a solution to the problems but Merkel’s announcement represents the first time a country has guaranteed 100 percent protection to private savings.

Merkel has expressed a plan to secure Hypo, noting that Germany would not allow the collapse of one financial institution to affect the rest of the system. Hypo has been devastated by the shoring up of short-term and medium-term loans from other banks as lending has ground to a halt.

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