Problem contained? Only a U.S. problem? Subprime will not effect other countries? Think again as this article came from Germany on August 6th:

Frankfurt Trust, the mutual fund manager of Germany’s BHF-Bank, stopped withdrawals from a fund after clients removed 20 percent of their money since the end of July amid concern about the U.S. subprime loan debacle. The FT ABS-Plus fund, which includes residential mortgage- backed securities and collateralized debt obligations, halted redemptions on Aug. 3, the Frankfurt-based company said today. The 160 million-euro ($221 million) fund has a “small exposure” to subprime investments, spokesman Holger Ullrich said.