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EU approves rescue package for Germany's WestLB bank
Saudi Press Agency Published in Saudi Press Agency on 30 - 04 - 2008

The European Union has approved a ¤5 billion ($7.8 billion) German rescue package for the
regional WestLB bank to help it deal with the sub prime
crisis in the global markets.
The German regional bank had a net loss of ¤1.6 billion
($2.5 billion) last year, significantly higher than
predicted because of the crisis. The state of North
Rhine-Westphalia joined the rescue bid to help cover
payment defaults. The Commission approved it on Wednesday, the Associated Press reported.

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