Deutsche Bank MELTDOWN: Shares plunge as bank tries to raise £6.9BILLION in call for cash

Deutsche Bank’s share price plunged on Monday [Bloomberg]

 

DEUTSCHE Bank shares have dived by six per cent after it announced a shock share sale aimed at raising €8billion (£6.9bn) of cash in a desperate bid to shore up the German giant.

The chief executive John Cryan previously said such a move would be a last resort for the bank.

Now Germany’s largest lender wants to raise the extra capital amid reports of more legal issues, which could lead to more big fines for the troubled firm.

It is the fourth time the bank has had to turn to investors for extra cash since 2010 and suggests Mr Cryan’s previous plans to save the bank have failed. Continue reading

Greeks drain ATMs as Prime Minister Alexis Tsipras calls referendum to decide country’s fate

Greece’s banks may need an injection of fresh emergency funds to operate on Monday as people rushed to pull out money after Prime Minister Alexis Tsipras called a referendum that could decide his country’s fate in the euro.

Two senior Greek retail bank executives said as many as 500 of the country’s more than 7000 ATMs had run out of cash as of Saturday morning, and that some lenders may not be able to open on Monday unless there was an emergency liquidity injection from the Bank of Greece. An official with Greece’s Capital Markets Commission, the markets’ regulator, also warned that the Athens Stock Exchange may be unable to operate on Monday without a cash injection into the banking system. A Greek central bank spokesman said it was making efforts to supply money. Continue reading

Greece met its latest IMF debt payment – but no one is sure where the money is coming from

Greece met a loan payment of €459 million to the International Monetary Fund on Thursday, according to reports, as the EU discusses whether the country has reformed enough to merit a further cash injection.

“The payment order has been given,” a finance ministry source told AFP. Continue reading