German government decided to guarantee all savings of the population. Hypo Real Estate Bank, saved from bankruptcy

Hypo Real Estate Bank announced its gratitude to all those who contribute to its salvation, a press release of the institution informs on Monday morning. Group head Georg Funke declared that the solution found by the government guarantees the stability of the HRE group despite of the financial crisis.

Germany, considered the strongest economy within the EU, decided on Sunday to guarantee the population’s savings, which amounts to some 570 billion euro, the economic daily Handelsblatt reads, quoted by AFP.

Citizens do not need to panic and withdraw their money from the bank, as the government will support them, German Finance minister Peer Steinbruck declared on public TV channels.

At her turn, German Chancellor Angela Merkel declared that she would not allow the critical situation of a bank to cause a crisis in the whole system. Until now, Angela Merkel’s executive opposed any bailout plans as the one recently adopted by the US.