Germany is refusing to help failing lenders, which include the Deutsche Bank.
Hans Michelbach, a senior lawmaker in Chancellor Angela Merkel’s conservative bloc, was quoted by Forbes saying that there is an increasing reluctance among politicians to back any financial institution that is on the verge of collapse. Among these institutions is Deutsche Bank, who is facing a fine of $14 billion from the U.S. Department of Justice.
In an interview with Deutschlandfunk radio, Michelbach said Germans are leery of repeating the mistakes they made during the 2008 financial crisis, when the country bailed out the world’s largest banks using taxpayer money.
“I cannot imagine that the state will repeat something like that,” Michelbach said, according to the report.