News Journal

Germany to adopt law to nationalize troubled banks

The German government planned to start a temporarily nationalization program for its troubled banks. The draft has been made by the German government and it will be finalized in a meeting of cabinet minister on Wednesday.

The implementation of law will bring a total nationalization of banks and it will happen for the first time in history of Germany. The draft has conditions stating that the nationalization process is legal in case the government could not find other way to control financial crisis.