German government has made a deal worth $70 billion with private players to save country's fourth largest bank Hypo Real Estate. Hypo Real Estate Holding is a leading real estate financing bank based in Munich, Germany.

But this public-private rescue plan by Europe's biggest economy failed to cheer world markets today. All Asian markets are opened at least 3% lower compared to it's previous close.

German Government also announce an unlimited guarantee for all private savings on Sunday.

In another incident French giant BNP Paribas purchased 75% of Belgium and Luxembourg holdings of the giant Fortis financial group.

German Chancellor Angela Merkel said financial institutions are responsible for the money miss-management.