Global crash fears as German bank sinks
Stockbrokers around the world are braced for a potentially calamitous week as alarm mounts over a looming, Thirties-style global financial crisis. A leaked email about the credit-worthiness of Commerzbank, Germany’s third largest bank, yesterday increased fears of the international stock market malaise exploding into a fully-fledged banking crisis.
Commerzbank lost a quarter of its value last week, raising the spectre of Credit-anstalt, the Austrian bank that collapsed in 1931, sparking global depression.