The premier of the eastern German state of Saxony, Georg Milbradt, has resigned after the subprime financial crisis blew a hole in the state budget.
Members of his Christian Democrat (CDU) party said that Milbradt would be replaced by the state's finance minister, Stanislaw Tillich. The Sachen LB state bank was taken over by another state bank last year after it ran into massive difficulties stemming from the subprime collapse in the United States and resulting credit shortages. Investigations are also being conducted into loans Milbradt and his wife had taken out from Sachen LB which were then invested in fund packages in an affiliate bank.
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