by Calculated Risk on 10/04/2008 03:29:00 PM

From Bloomberg: Hypo Real Estate Says Banks Withdrew Support for Rescue Package (hat tip Ryan)

Hypo Real Estate Holding AG, the troubled German property lender, said private banks withdrew their support for a 35 billion-euro ($49 billion) rescue package.

``The intended rescue package involved a liquidity line to be provided by a consortium of several financial institutions,'' Hypo Real Estate said in a statement on the DBF newswire today. ``The consortium has now declined to provide the line. The Group is now in the process of determining the consequences of this'' and ``alternative measures are being investigated.'

Hypo mostly lends to commercial and public projects internationally.