EU ministers ponder bank losses, euro, oil

Posted: Wednesday, Nov 14, 2007 at 0000 hrs IST
Updated: Wednesday, Nov 14, 2007 at 0023 hrs IST

Font Size

Feedback

Discuss

Brussels, Nov 13 : Germany sought to downplay news of losses at another of its banks as EU finance ministers met on Tuesday to assess risks to the economy on multiple fronts, from the global credit crunch to surges in the euro and oil prices. As they gathered, Air France said it was adding a new surcharge of up to 10 euros per flight to cover rising fuel costs after recent records in world oil prices, and news sank in of more bank woes in Germany, this time at state bank WestLB.

German Deputy Finance Minister Thomas Mirow put a brave face on an overnight announcement that WestLB expected to make a loss because of troubles in financial markets where a crisis in US sub-prime mortgage debt has triggered a global credit crunch.

—Reuters

Post Comments

Comments: (Limit 3,000 characters)

Name		Message
Email ID
Subject

TERMS OF USE:
The views, opinions and comments posted are your, and are not endorsed by this website. You shall be solely responsible for the comment posted here. The website reserves the right to delete, reject, or otherwise remove any views, opinions and comments posted or part thereof. You shall ensure that the comment is not inflammatory, abusive, derogatory, defamatory &/or obscene, or contain pornographic matter and/or does not constitute hate mail, or violate privacy of any person (s) or breach confidentiality or otherwise is illegal, immoral or contrary to public policy. Nor should it contain anything infringing copyright &/or intellectual property rights of any person(s).

I agree to the terms of use.