muses of the moment

August 28, 2012

European Crisis Update-from The Slog

Filed under: European Debt Implosion, Global Debt, The Federal Reserve, The Financial Crisis — totallygroovygirlfriday @ 5:50 pm

The Slog has news from Europe. And it is not good. Click here.

A Swiss-based bank credit specialist I’ve known for some time now insists that it is bank viability, not bonds, that’s kept the EU’s central bankers chained to their Frankfurt desks.

“I think too many observers are underplaying the [Spanish] banking liquidity thing,” he said last night, “Draghi knows what to do and how to do it, but I think only in the last few days has he grasped the size and the inevitability. We’re talking very, very big here: this is going to dwarf anything done for Greece, and it is going to make the bank 200% responsible for stopping the collapse”.

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