Does anyone else think this has all the makings of a farce? I mean there is no money. It is all pixels on computer screens. Worthless paper. When will the music stop? it is utterly insane. The European Investment Bank will tell finance ministers it could lend up to 74 billion euros more to banks over two years if its shareholders, which include Germany and Britain, inject more cash, according to a document obtained by Reuters. Using language recalling German tabloid depictions of "lazy Greeks", the chairman of China's sovereign wealth fund has said the EU as a whole suffers from a welfare state culture of "sloth" and "indolence."
The proposal comes as European countries explore options to reinforce banks against the threat of a debt default in Greece and arrest a creeping freeze in lending that threatens the region's economy.
http://www.reuters.com/article/2011/11/07/eu-eib-banks-idUSL6E7M72JO20111107
http://euobserver.com/884/114195
Monday, 7 November 2011
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