The financial failure of the city of Detroit [here] will also have consequences on some European banks, exposed towards the debt contracted by the American metropolis.
Among the banks involved there is also UBS: in 2005 the bank was handling the sale of $ 1.4 billion of municipal bonds. Operations conducted on behalf of the administration of Detroit, to enable it to finance its pension fund.
Similar operations involving other banks - for a total of another billion dollars - and these include many institutions that already live in conditions of difficulty.
As in the case of the "bad bank" of Hypo Real Estate, which is the most exposed with $ 200 million, to Commerzbank, which owns a total of 4.5 billion euro in American local governments, or Deutsche Bank, not involved however excessively.
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