(6 Oct 2008)
1. Wide exterior of metro station exit in street
2. Mid shot of entrance of Citibank branch in Berlin city
3. Close up of bank name
4. Pan across entrance of bank
5. Wide of entrance for Hypovereinsbank branch in Berlin city
6. Mid shot of man leaving bank branch
7. SOUNDBITE: (German) Vox Pop, Joern Benerke:
“At least one thinks about it and has a queasy feeling, also because the man on the street doesn’t really have an overview, but who actually has?”
8. SOUNDBITE: (German) Vox Pop, Paula Tuschner:
“I think it is quite a good solution to avoid what happened in the US. One really has to see what comes out of it.”
9. Cutaway of people walking down street
10. SOUNDBITE: (German) Vox Pop, Patrick DiMarco:
“In general, I think that people should take responsibility for what they’ve done wrong and its consequences. But I think in this case much more depends on it, so it’s probably not appropriate to be polemic in this case.”
11. Wide of bank entrance
12. Various of newspaper headlines
13. Close up of bank sign on branch of Dresdner Bank
14. Wide of Dresdner bank branch
German markets reacted on Monday to the government’s announcement that it would guarantee all private bank accounts and had negotiated a 69 (b) billion US dollar bailout deal for Hypo Real Estate AG.
The country’s DAX index fell 4.22 percent to 5,552.27 in Monday morning trading as the two moves heralded a major shift as Europe’s second largest economy sought to ward off financial crisis.
Late on Sunday evening the Finance Ministry and private banks reached a deal to infuse an additional line of credit worth up to 21 (b) billion dollars into the embattled real estate giant, expanding on an earlier 48.4 (b) billion dollar bailout plan that would have found the government and private banks splitting the bill.
That deal fell apart on Saturday evening when Hypo announced that a consortium of unnamed financial institutions had backed out.
That prompted banking leaders and lawmakers to convene in the capital Sunday for feverish talks toward the new deal they unveiled late in the evening.
The new package includes the original 48.4 (b) billion US dollar plan with the government paying up to 37 (b) billion US dollars of that sum and banks funding the remainder as a line of credit.
The ministry said in a statement that the new deal would “strengthen the financial community of Germany in difficult times.”
Earlier on Sunday Germany joined Ireland and Greece in taking drastic independent measures to protect its private citizens by guaranteeing all private bank and savings accounts as well as time deposits, or CDs.
Finance Ministry spokesman Torsten Albig said the unlimited guarantee covered some 785 (b) billion US dollars in investments.
Chancellor Angela Merkel vowed that she would not let the failure of any company disrupt the German economy.
Merkel said the plan would ensure that anyone who made reckless market decisions would be made to answer for their actions.
Hypo was the first German blue chip to seek a government rescue after running into trouble in mid-September as credit froze on international markets after its Dublin-based unit Depfa Bank PLC failed to attract needed short-term funding amid the widening credit crunch.
A spokesman for Ireland’s department of finance said the government would not help Germany bail out Hypo or its subsidiary.
German media reported that the consortium apparently got cold feet after an examination of Hypo showed that losses could be as much as 69.2 (b) billion US dollars by the end of 2008.

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