German v. Anglo-American model

[Johannes Schneider]

DANIEL wrote:
>  The banks knew that they couldn't let Holzmann fall --
> it would have brought down half the German construction industry, and done
> material damage to the rest of the loan book.
I think you have to differ here. E.g. Commerzbank would have liked to see
Holzmann fall, because they are engaged at Holzmanns competitor Hochtief.
Furthermore the big competitors of Holzmann were just waiting to take its
business.
There is another side efect from the Holzmann case: Schroeder has gained a
lot of popularity and thus was able to counter demands by the SPD left for
higher taxes on the rich.
Johannes