A 35 billion euro package to rescue the German mortgage lender Hypo Real Estate has collapsed after a a consortium of German banks pulled out.
The German government would have provided 27 billion euros towards the recsue plan that would have been the biggest in German history. In a report to be published on Sunday by the newspaper "Welt am Sonntag," Deutsche Bank warns that Hypo Real Estate faces a shortfall of between 70 and 100 billion euros by the end of next year. Hypo Real Estate was the first blue chip German company to seek a government rescue after being sucked into the global financial turmoil through its exposure to massive bad debt.
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