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Another day, another bailout: Yet another German bank is getting state aid to stop it from going under as a result of the global financial crisis.
The troubled HSH Nordbank is to receive a capital injection of EUR 3 billion (USD 3.8 billion) from the state of Schleswig-Holstein and the city-state of Hamburg under a deal announced Tuesday by Schleswig-Holstein Governor Peter Harry Carstensen and Hamburg Mayor Ole von Beust. The bank will also receive a state-backed credit guarantee worth EUR 10 billion.
