Eurozone Central Banks Avoid Losses From Lehman Collapse
The Bundesbank has reported that the effects of the 2008 Lehman Brothers collapse will be minimal for central banks in the eurozone. Patience in unloading legacy assets has paid off, the institution announced, Deutsche Welle reported. On Wednesday, Germany's Bundesbank announced that eurozone central banks stood a good chance of getting off lightly after the spectacular 2008 Lehman Brothers collapse, which plunged global financial markets into a deep crisis. Acting as a financial agent for other eurozone central banks, the Bundesbank announced that it had almost completely dealt with legacy assets stemming from former business operations with Lehman. "The Lehman issue is not completely over and done with," Bundesbank CEO Joachim Nagel said in a statement in Frankfurt. "But the biggest hurdles have certainly been cleared." Read more.