http://www.express.co.uk/news/world/690675/Germany-economy-Deutsche-Bank-Brexit-Eurozone-finance
German economy on a knife edge: Struggling Deutsche Bank closes nearly 200 branches
GERMANY’S economy could be on the brink of collapse after its largest bank announced it will shut one-quarter of its branches.
Germany’s largest lender Deutsche Bank will shut one-quarter of its branches
The lender has been forced to implement dramatic austerity measures after share prices plummeted by a staggering 48 per cent, marking an all-time low.
It has also pulled out of 10 foreign markets, including Russia and Australia, and is poised to cut around 3,000 full-time jobs.
And co-CEO John Cryan insisted: “Deutsche Bank remains absolutely rock-solid, given our strong capital and risk position.”
But financial expert Max Keiser has poured cold water on their claims, saying the bank is “technically insolvent” and runs a “ponzi scheme”.
The bank has pulled out of 10 foreign markets and will cut 3,000 full-time jobs
It’s dead, it’s insolvent, the bank is dead
“But politicians, including Schaeuble, allow for financial engineering products to come onto the market that mask insolvency.
“It’s dead, it’s insolvent, the bank is dead… This is a dead bank walking.”
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