Tuesday, September 18, 2012

Bloomberg News: German City Needing Aid Shows Debt-Crisis Tentacles By Annette Weisbach on September 18, 2012

The house of cards is falling.  Will Greece now have to provide aid to Germany?

"Offenbach, a city of about 120,000 people neighboring Germany’s financial capital Frankfurt, is so mired in debt it had to ask the state of Hesse for a 211 million-euro ($277 million) bailout in June.  In so doing, it became one of the largest of 102 municipalities to tap 3.2 billion euros of aid Hesse is making available as the first of Germany’s 16 federal states to introduce a formal rescue fund for struggling towns and cities."

For entire article: http://www.businessweek.com/news/2012-09-18/german-city-needing-aid-shows-debt-crisis-tentacles-euro-credit

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