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The EU Banking System is in Big Trouble

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Chemtrail Central > Economy

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Ellyn





Joined: 16 Jul 2000
Posts: 5357
The EU Banking System is in Big Trouble PostSat Jul 17, 2010 7:10 pm  Reply with quote  

The EU Banking System in in Big Trouble

by Mike Whitney

Many of the Union's largest banks are sitting on hundreds of billions of euros in dodgy sovereign bonds and non performing real estate loans. But writing down their losses will deplete their capital and force them to restructure their debt. So the banks are concealing their losses through accounting sleight-of-hand and by borrowing money from the European Central Bank. This has helped to hide the rot at the heart of the system.

[To read further, click: ]

http://www.globalresearch.ca/index.php?context=va&aid=20088
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