German Finance Minister Peer Steinbrueck has called for calm on global financial markets following the recent collapse of America's fourth largest investment bank.
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My Games ... an interview with German public radio, Steinbrueck acknowledged that the crisis was the worst in decades but he said there would be no "domino effects" in Europe and no widespread bank failures. He noted that the US Federal Reserve, the European Central Bank and other central and private banks were working to ensure adequate liquidity in the money market. Meanwhile European stock markets have opened with a second day of losses. Germany's main DAX index declined 1.6 per cent on opening and repeated Monday's drop below 6,000 points. Earlier Asian markets closed sharply down with losses peaking just over six percent. The strong decline in global shares was triggered by Monday's collapse of Lehman Brothers, the latest victim of the US subprime mortgage crisis.
(Deutsche Welle)
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