Skip to comments.Eurozone bank network getting smaller
Posted on 01/21/2014 12:31:45 PM PST by Olog-hai
The number of banks in the eurozone fell by almost 4 percent in 2013, according to data published Tuesday (21 January) by the European Central Bank.
There were 6,790 monetary financial institutions (MFIs) based in the euro area at the start of 2014, compared with 7,059 one year ago, a 3.8 percent reduction.
Crisis countries Cyprus and Greece saw the largest reductions, losing 26 percent and 17 percent of their financial sector firms over the past year.
Greece now has just 62 financial institutions, while Cyprus sector has fallen from 409 firms when it joined the EU in 2004 to 103.
(Excerpt) Read more at euobserver.com ...
The number of banks in the U.S. has dropped from roughly 18,000 to roughly 6,000 since 2008.
The real number is one.
The Federal Reserve is the bank of the United States. The others are just tellers which exist at its pleasure.
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