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Eurozone’s banking system ready to meltdown before that of US – the only exception is Germany
Marla Guthrie
Jun. 13, 2009
The concerns over the exposure of banks in the Euro region to a potential meltdown in the Baltic states and central and eastern Europe weighing on the Euro currency. The banks in Europe will meltdown first creating the Tsunami that will make last year look like normal waves of a pond.
The eurozone banking system is in denial over the extent of toxic assets on its balance sheet. The only different country is Germany. German banks have been operating on vastly different business models over the past five years than their peers in the UK, US and Switzerland, which have revealed their high degree of vulnerability to the financial crisis.
The European Central banks are worried about opening Pandora’s box and when they do it will impact on the euro. One way or the other, they have to do it. And, when they do, all hell will fall lose.
The impact on the world economy will be immense.
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