The Great Systemic Rig of 2012 is Now Ending
January 17, 2013 - 3:17pm
Europe's banking system has been on the ropes for years. It's a little known fact that the largest recipients of US bailouts were in fact foreign banks based in Europe. Also bear in mind that the biggest beneficiaries of QE 2 were European banks. Things got so bad in mid-2012 that the whole system lurched towards collapse. The only thing that pulled the EU back from the brink was Mario Draghi's promise of unlimited bond buying (a promise and nothing more as the EU has yet to do any of this). However, these efforts, like all cover?ups, will not last. Indeed, by the look of things, Europe’s banking system is breaking down again.... Greece’s four largest banks need to boost their capital by 27.5 billion euros ($36.3 billion) after taking losses from the country’s debt swap earlier this year, the largest sovereign restructuring in history. National ...
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