Germany puts the EU through the Wood Chipper – and Theocrats Cheer
I’m quite willing to believe that French banks are “carcass[es],” but what about German banks? German banks took the lead in making most of the foreign bank loans to the EU periphery (I call it “German banks gone wild”). It is Germany that is demanding a ten year phase-in to the increased bank capital requirements proposed in Basel III because it believes its banks are so grossly deficient in capital that it will take a decade of subsidies, bailouts, and accounting gimmicks to bring them into nominal compliance with the new rules. German banks are among the largest beneficiaries of the Irish and Greek “bailouts.
http://neweconomicperspectives.blogspot.com/2011/11/germany-puts-eu-through-wood-chipper.html
Monday, 21 November 2011
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