Skip to comments.As Europe Closes, Top German Bank Chief Warns: Banking Situation Is "More Dramatic" Than In 2008
Posted on 09/05/2011 9:09:52 AM PDT by blam
As Europe Closes, Top German Bank Chief Warns: Banking Situation Is "More Dramatic" Than In 2008
Sep. 5, 2011, 11:56 AM
Right at 11:30 AM (ET) when Europe closed, an ominous headline came out.
RTRS-GERMAN DEVELOPMENT BANK KFW CHIEF SCHROEDER- SITUATION OF BANKING INDUSTRY IS "MUCH MORE DRAMATIC THAN IN 2008
We haven't seen more context yet. That's from FT Alphaville's Neil Hume.
Needless to say, the funding situation in Europe is very bad.
Along the same themes, earlier FT's Tracy Alloway published chart from Deutsche Bank, showing that through 2011, there's been no net new issuance of bank debt in Europe.
Image: Deutsche Bank
(Excerpt) Read more at businessinsider.com ...
Dramatic is right. What’s unfortunate is how few people actually understand the problem. True analysis is lost in a storm of demagoguery and politicking.
BI and ZH are 2 great resources for the Euro-Crisis. I follow them all day and night.
Sep. 5, 2011, 10:38 AM
Fears that the Eurozone might go kaput led to a total bloodbath in Europe today (and it's not quite over).
We mentioned the selling earlier, when the major indices were down some 3%, but now it's worse.
Here's a quick look at the equity markets.
Athens -3.1%. That index is now down about 50% since March.
Greek 2-year yields blew past 50% for the first time.
Meanwhile, banks are getting destroyed.
Deutsche Bank if off over 8%.
Credit Suisse is down 8.8%.
Italy's UniCredit is off 7.4%.
And the major US equity indices, fresh off their ~2.5% losses on Friday are down another 2.5% or so today.
What???? Despite all the efforts of Wesley Mooch???
Anyone with a brain knew that you can get out of debt by taking on more debt. Also you can’t support support fraud by the wall street bankers as the world leaders have been doing and keep your economy going. Who wants to play in a system like that. And we take on so much more debt besides.
That’s the trouble with socialism
Eventually you run out of other peoples money
‘Anyone with a brain knew that you can get out of debt by taking on more debt.’—
“Anyone with a brain knew that you can get out of debt by taking on more debt.
Oops... Please change that “can” to a “Cannot”
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