Erste Group Bank to report big loss on govt debt

FRANKFURT, Germany (AP) — Austria-based Erste Group Bank AG says it will make a net loss of euro700 to euro800 million ($950 million to $1.1 billion) for 2011 because of the government debt crisis and troubles in Hungary.

The bank said in a statement Monday that the writeoffs will erase what would have been an euro850 million to euro900 million profit.

Hungary has passed a law letting people with …