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German shares surge after U.S. Fed rate cut (2) |
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12:07, August 18, 2007 |
The minister welcomed an EU initiative to look into the activities of the ratings agencies that assess credit risks.
The agencies were accused of failing to spot the looming crisis in U.S. subprime mortgage lending before it broke.
Government spokesman Thomas Steg said in Berlin that the outlook for the German economy remained "fundamentally positive."
"There is no reason to believe that financial market uncertainty will jump over to the real economy," Steg said.
Source: Xinhua
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