Germany pessimistic over international financial crisis

A ministry press release quoted Steinbrueck as saying at the Bundestag (lower house of parliament) that the international banks' crisis would leave a deep scar that would change the world's financial system.

The German minister said that the United States had lost its status as a super power in the world's monetary market.

He also said that the economic growth in Germany would be low this year and demanded issuing new laws on the transfer of money internationally.

He refused supporting German banks that were threatened of bankruptcy due to the international crisis.

Steinbrueck said the markets' crisis was mainly a US problem and blamed the United States for not benefiting from opportunities to avoid the crisis.

The US government has supported threatened US banks with USD 700 billion.