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German banker calls for government help

March 18, 2008 at 9:49 AM   |   Comments

FRANKFURT, Germany, March 18 (UPI) -- The head of Germany's largest bank has called for an international group to monitor the global financial crisis and asked for government help.

Josef Ackermann, the head of Deutsche Bank, Monday said natural corrections in the market were too volatile. "I no longer believe in the market's self-healing power," he said. "Making liquidity available isn't the cure-all."

"There is not a liquidity bottleneck, but an investors' strike," he said.

Ackermann called for "a council of wise men," who would warn investors of overvalued markets, such as the mortgage market in the United States that has prompted much of the financial turmoil this year.

Germany's Finance Minister Peer Steinbruck echoed the concerns in a separate speech, Der Spiegel reported.

Steinbruck applauded the U.S. Federal Reserve's decision to restore confidence on Wall Street, the report said. He called for "maintaining a healthy cooperation between government, the German Central Bank, the respective banking alliances and banking institutions so we can minimize repercussions."

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