Bankers Report Interbank Lending Shut For Two Hours Over German Bank Crisis | LaRouche Political Action Committee

Bankers Report Interbank Lending Shut For Two Hours Over German Bank Crisis | LaRouche Political Action Committee: "August 9, 2007 (LPAC)--A senior European banking source reports that the interbank money market closed down this morning for two to three hours, for the first time ever. Rumors had spread that the German Bundesbank was holding an emergency meeting because of a collapse of a major German bank, believed to be Westdeutsches Landesbank, one of the largest in Germany. The Bundesbank then released a statement saying that the meeting was to discuss the IKB banking crisis. The source said that a Westdeutsches Landesbank failure would have collapsed the entire global financial system. The source underlined that this ongoing crisis is far worse then anything he has witnessed."