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ECB’s Draghi: Knowing Too Much About Our Big Banks Could Set Off A Panic | Zero Hedge

ECB’s Draghi: Knowing Too Much About Our Big Banks Could Set Off A Panic | Zero Hedge. (FULL ARTICLE)

European banks, like all banks, have long been hermetically sealed black boxes. If someone managed to pry open just one tiny corner, the reek of asset putrefaction that billowed out was so strong that the corner would immediately be resealed. In cases where the corner didn’t get resealed fast enough and too much of the reek spread, the whole bank collapsed, only to be bailed out by taxpayers, often in other countries; it’s easier that way.

The only thing known about the holes in the balance sheets of these black boxes, left behind by assets that have quietly decomposed, is that they’re deep. But no one knows how deep. And no one is allowed to know – not until Eurocrats decide who is going to pay for bailing out these banks. How do we know? ECB President Mario Draghi said that on Friday in Washington.

And today, the Eurogroup of 17 finance minister had a huddle in Luxembourg to try to decide that issue.

The IMF, which can only sniff around the surface of the banks, determined that the Spanish and Italian banks alone would have to recognize an additional €230 billion ($310 billion) in losses over the next two years. As we have seen time and again, bank losses are always much larger when the truth finally seeps out, and that doesn’t happen until after the bank collapses and someone from the outside counts what’s left over….

 

How long can Draghi’s bond-buying bluff hold? – Fidelity

How long can Draghi’s bond-buying bluff hold? – Fidelity.

 

Europe’s Banking System is the Weakest Point in the Global Financial System | Peak Prosperity

Europe’s Banking System is the Weakest Point in the Global Financial System | Peak Prosperity.

Eurozone crisis live: Italy denies wrongdoing over derivative contracts | Business | guardian.co.uk

Eurozone crisis live: Italy denies wrongdoing over derivative contracts | Business | guardian.co.uk.

 

ECB Case Pits Market Stability Against Democracy, Court Told – Bloomberg

ECB Case Pits Market Stability Against Democracy, Court Told – Bloomberg.

 

ECB cuts interest rates to record low – Europe – Al Jazeera English

ECB cuts interest rates to record low – Europe – Al Jazeera English.

 

Euro-Area Unemployment Increases to Record 12.1% Amid Recession – Bloomberg

Euro-Area Unemployment Increases to Record 12.1% Amid Recession – Bloomberg.

 

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