Germany ready to inject money into ailing banks

After a day of punishing losses on stock markets, the Bundesbank president said there was no alternative but to act. Washington -- Germany gave up its reluctance Friday over a broad-based bailout of banks, with its two most senior financial officials saying the financial crisis had grown too big for markets to put right. "The downward spiral has gathered pace -- case by case answers are not going to help any more, even in Germany," said German Finance Minister Peer Steinbrueck as he arrived in Washington for weekend crisis talks with other Group of Seven (G-7) finance ministers. Axel Weber, president of the German Bundesbank and a senior board member of the European Central Bank, said every nation now needed to give banks "help to help themselves, even in Germany." He said options include "recapitalizing" banks with equity... [read full story]