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'Europe is extremely sick', says Deutsche Bank chief economist

Brussels urgently needs a €150 billion bailout to begin a major recapitalization program for its banks, according to Deutsche Bank’s David Folkerts-Landau.


Stefano Rellandini Italian 'zombie' banks put EU financial system at risk
In the aftermath of UK’s Brexit vote, the focus of attention has switched to Italy’s banking sector, which has accumulated €360 billion in bad loans, and growing.


A former member of the ECB executive board Lorenzo Bini Smaghi, and now chairman at Societe Generale, has warned the banking crisis in Italy could spread to the entire EU.


“Europe is extremely sick and must start dealing with its problems extremely quickly, or else there may be an accident. I’m no doomsday prophet, I am a realist,” he said in an interview to Welt am Sonntag.


According to Folkerts-Landau, Brussels should follow Washington’s steps that helped US banks with a $475 billion bailout.

More:
https://www.rt.com/business/350622-european-banks-crisis-deutsche-bank/
sure am glad that's nothing to do with us now :biggrin:
It sure is sick, it's full of germs aka "refugees"
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Original post by Gora The Xplorer
sure am glad that's nothing to do with us now :biggrin:


Original post by WW3IsComing
Brussels urgently needs a €150 billion bailout to begin a major recapitalization program for its banks, according to Deutsche Bank’s David Folkerts-Landau.


Stefano Rellandini Italian 'zombie' banks put EU financial system at risk
In the aftermath of UK’s Brexit vote, the focus of attention has switched to Italy’s banking sector, which has accumulated €360 billion in bad loans, and growing.


A former member of the ECB executive board Lorenzo Bini Smaghi, and now chairman at Societe Generale, has warned the banking crisis in Italy could spread to the entire EU.


“Europe is extremely sick and must start dealing with its problems extremely quickly, or else there may be an accident. I’m no doomsday prophet, I am a realist,” he said in an interview to Welt am Sonntag.


According to Folkerts-Landau, Brussels should follow Washington’s steps that helped US banks with a $475 billion bailout.

More:
https://www.rt.com/business/350622-european-banks-crisis-deutsche-bank/


Interesting stuff. It'll be especially interesting to see what happens to Europe when the next financial meltdown, likely coming fairly soon, occurs.
I want to lick those bankers' tears.

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