German guarantees are political not legal.

Bloomberg has the report linked here. It will be interesting to watch how much faith German savers place in the "promises" of their politicians! Markets tumble - Darling, Osborne and Cable waffle, oil falls as recession looms, and Sky News describes HBOS as isolated, on its own with its trousers round its knees which puts Gordon Brown just where? About to nationalise to salvage his pride perhaps?