Deutsche-Welle
25th September, 2008
German Finance Minister Peer Steinbrueck deemed the US banking crisis an “earthquake” that will cost the US its role as a superpower of the world financial system. He stressed that German banks can cope with losses.
“Wall Street and the world will never again be the way they were before the crisis,” said Steinbrueck in a speech to the German parliament, the Bundestag, on Thursday, Sept. 25. Write-downs and write-offs of bad credit spawned by “a blind drive for double-digit profits” have so far totaled $550 billion and no end to the crisis is in sight, he added.
The world financial system will consequently become more “multi-polar,” he predicted.
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