EU on brink: Germany’s biggest bank records shock losses risking economic RUIN of Eurozone
GERMANY could force the European Union into ruin after Deutsche Bank’s share price plunged following the country’s biggest lender’s first annual loss since the financial crisis.
By ALIX CULBERTSON
Express.co.uk
Fri, Jan 29, 2016
The German lender posted a full year loss of £5.1 billion (€6.8bn) on Thursday – higher than the expected €6.7bn million.
With losses of €2.1bn in the fourth quarter of 2015-16, fears of the entire eurozone toppling are becoming an increasing reality.
Germany, which has a GDP of $3.4bn is one of the six largest economies in the world and the fate of the eurozone relies heavily on its strong economy.
But it is facing the most difficult start to a year in recent memory. Its own industrial production growth has slipped to ZERO per cent and customer confidence has plummeted in a catalogue of disasters for Chancellor Angela Merkel.
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