Even as America has an insolvent government and a debt ceiling to deal with in the only way it knows - Mutual Assured Destruction, Europe still has a insolvent banking system 10 times greater than America's to worry about. Which explains the following Friday night bomb (because it is past 6pm in Europe). From DJ:
- 15:52 29Apr11 DJN-DJ EU PAPER: LARGE PARTS OF BANK RESTRUCTURINGS YET TO COME
- 15:54 29Apr11 DJN-DJ EU: "DISTINCT VULNERABILITIES REMAIN" IN EU BANK SECTOR
- 15:55 29Apr11 DJN-DJ EU: ROLL-OVER RISK STILL PRESENT IN SOVEREIGN DEBT MARKETS
- 16:05 29Apr11 DJN-DJ EU: EXIT FROM GOVERNMENT BANK BAILOUTS MAY SPUR M&A WAVE
- 16:13 29Apr11 DJN-DJ EU: THREAT OF PRIVATE CREDITOR LIABILITY "BADLY RECEIVED"
Translation of bolded: if you hear gronin', MAD's a-bonin' (taxpayers)
The headlines come from the following 72 page report which has so far not been caught by anyone in the press.