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Earlier this week, Dr Andreas Dombret, Member of the Executive Board of the Deutsche Bundesbank, responsible for financial stability and risk controlling, delivered an open lecture in Hamburg, entitled “In the year 2013 – Challenges from a financial stability perspective” . Apart from the burning questions he posed for a number of Eurozone countries’ sovereign debt, he went as far as to question the stability of the commercial banking system of Germany.

According to Dombret the black spots over his own country’s financial system are caused from long exposure to the maritime sector. The German mercantile marine is Eurozone’s second largest shipping industry, only after the mighty Greek fleet. The German banking system has being traditionally offering strong support to the country’s shipping sector and as a result it has now accumulated a huge pile of such loans. Unfortunately the crisis that is now spreading over the world’s mercantile marine has…

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