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Whats the over under on the ECB raising rates in Jul?
JCT is talking himself into a corner, if he isnt careful he'll blow up Spain all on his own.
didn't the Irish banks pass the last ones? :D
Yep, with flying colours. Some stress test, the treadmill must have been going at 0.05 mph for the stinking rancid institutes.
In other news 5 out of 6 EU Banks massage their accounts.
VAn Rompuy Please Resign what a miserable guy
Who's Van Rompuy?! I thought the President of the EU was Rango!
Van Rompuy: http://www.google.com.au/imgres?imgurl=http://cdn.gamerpops.com/wp-conte...
I wonder how much of this mess China is willing to bail out?!?
some banks failing the stress tests is not a big deal, they will just capitalise more. That's the whole purpose of the tests, to identify weaknesses and correct them.
Regarding the rating agencies, it is apparent by now that they are not impartial and EU has different point of view than them compared to voluntary rollover of debt, hence the announcement yesterday of Europe with intention of establishing their own credit rating agency. Problem solved.
All these EU bearish comments are about to get many people burned when Greece passes the austerity plan tomorrow... trade safe.
Protectionism = Avoid Illegal Chinese Competence.
First round there were no troubled banks and 6 months later the SHTF, haha second round they take directly 10 banks out of 91 for more credibility. This test must be very technical. Credibility is a bitch
The Greeks should just go the full on default route. Inflation will suck initially, but it'll save them from having their land stolen from under their own feet.
I heard the tests themselves were "backfitted", i.e they choose 15 or so banks and designed tests that would fail them banks, and so, no others. I suppose this seems more credible to them than letting an independent test trash them all...
someone is trying their damned hardest to keep the euro up, they must have spunked a few quid by now.
So, 5 in 6 banks expected to pass the fascism-first test?
Ok, WHICH ONES!? WTF is this kind of a "transparent" POS from the EBA?!
The problem is the depositor insurance in the Eurozone is done at the national level (same as the budget) but the money printing and bailouts can only be done at the ECB/IMF level. If the failure of an important bank turns into a bank run within a country, then there is a very real chance of a sovereign failure, since Deposit Insurance is only capitalized as a fractional reserve of a fractional reserve.
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