Europe in Crisis. The euro-zone debt crisis was caused by the crash of the world economy in 2008.
But the recent weakening of the currency could lead to a break-up of the EU. So potentially the euro crisis is far more serious than the 2008 crash.
Banks across Europe are now living ‘hand to mouth’. They are scrambling to tap into every available source of funding – including through their own retail customers – to stock up on securities they can use to access central bank liquidity, required for months to come. It is surprising some bank have not gone out of business!
Non US banks’ cash plunged almost 40% or $420 billion in the five months before the 30th of November 2011, leading to an 18% decline in assets.
French banking is in major trouble. BNP Paribas, France’s largest bank, is looking at a 15.7 billion euros due between January and March; this equates to about half of its annual redemptions
The current level of debt in the UK is 950% of GDP. Virtually all this financial debt has been accumulated by banks. The current UK debt crisis therefore is a bank problem not a government problem!
Ken Bourne-Turner
Until one is committed there is hesitancy.
The chance to draw back always induces ineffectiveness.
Concerning all acts of initiative (and creation).
There is one elementary truth, the ignorance of which kills countless ideas and splendid plans:
The moment one definitely commits oneself, providence will then move too.
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