European banks may need massive bail-out

European banks sitting on £16.3 trillion of toxic assets may suffer massive losses, according to a confidential Brussels document

Te legraph

16.3 "TRILLION" Euro's

1 Euro = 1.2947 U.S. dollars

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16.3X1.2947=21.10361 Trillion US dollars

Well the good thing about this is that it makes America look good.

I hope you all speak chinese !

That's a whole lotta scratch.

Crap, all things really do fly over the Pacific. But honestly, everyone with half a brain could have seen this coming.

So let them go bust.
If they cant manage there affairs properly to not have 16.3 Trillion dollars in toxic assets then they deserve to go bust.
Surely this is just a ploy, to get tax payers money.
Stop bailing out these criminals.

I said GOD DAMN!!!!!

Looks like America is going tobe overflooded with a lot of european hookers soon. Its not like America is doing much better either, and who knows, it might bemore than originally expected until we start owing ourselves.

worldwide revolution comming, I can see it!

Just a small reply to point out that £16.3 trillion is pounds, not euros. That is if I understood your calculation correctly.

Originally posted by mrmonsoon
16.3 "TRILLION" Euro's

The £ sign is GBP or British Pound.
The € sign is EURO.

The GBP is worth more than the EURO so the banks are in a bit more trouble than 21 trillion dollars.

1) Many of these "Toxic Assets" are loans to investors who were sold bad investments disguised as mid yield investments on the markets.
2) Many of these "Toxic assets" may have carried on from investments into the rebuilding after the WW2... and the recent drop in property prices.

Also, making a massive loss on 16 trillion pounds is losing anything between one trillion and five trillion. Anything above that is defined as catastrophic..

Well the good thing about this is that it makes America look good.

I don't think that could ever happen...



To be fair, the US have kept their toxic assets secret and could be up to double that amount...
also, the US have put what? 3 trillion to relieve the banks... and that was like dropping a pebble into a lake.

We're all in the same boat, this whole situation was coerced in a direction that will force a new financial system in order to stop the whole system from collapsing...
thats the way it is, we're just going to have to go with it.

reply to post by InTrueFiction



Luckily the pound at the moment is similar to the euro.

[edit on 11-2-2009 by Harman]

threatens to tear both the euro and the EU apart

LOL

Let The March To Globalization FAIL !

reply to post by atoms.2008


Hmmm that makes for about 24 trillion dollars.

I wonder what those toxic assets are?

They must have thrown a lot of money into the U.S. housing bubble along with their own.

Well so now the European banks need more money? is this because they now know that the US congress pass the massive bail out? so now they are in line to get some of that "hidden" money that usually nobody knows were it went after it goes missing.

Today when the big CEOs in the banking system were asked if they were going to ask for more bail out money they decided no to answer, so it seems that we are going to be bailing out this fat rats for years to come at the expenses of tax payer money.

So they can keep their lavish lifestyle as usual.

I guess our friends in the European union see not problem with some help from the US.

reply to post by marg6043


Where does the article say anything about those banks asking for US help?

This report by the Eu commission is a pre-amble for the upcoming summit by EU leaders on the next step of their "rescue" plan. Nothing is mentioned about the US at all.

reply to post by atoms.2008


Actually, this failure is what exactly globalization needs to get a big push.

Originally posted by marg6043
Well so now the European banks need more money? is this because they now know that the US congress pass the massive bail out? so now they are in line to get some of that "hidden" money that usually nobody knows were it went after it goes missing.

I guess our friends in the European union see not problem with some help from the US.

Where on earth are you picking this up from?

Firstly, the US has influence and control in many other places.. not the EU. Why would these banks want money from the US?

Secondly, the USD is not worth much to these banks.. the USD will be worth even less after the next US bailout. These banks need EURO's or GBP's.

Thirdly, A large portion of these banks are in the UK.. not the EUROZONE. Big difference.

Originally posted by eldard
reply to post by atoms.2008

 

Actually, this failure is what exactly globalization needs to get a big push.

Exactly. More oversight en centralized control. By the people causing this crap of course.

All the global elite banks are connected they all benefit from each other, US is not different and neither the European banks.

From the first TARP money we are still missing 78 billion dollars, nobody knows were that money went.

And because we may never know were it went I may say that the money was use outside the US.

Bush hinted very eloquent when he said that our friends will never be forgotten as the financial crisis originated in the US.

And as for the American banking industry it sound like they are "American" but that is far from the truth, the biggest investors of those banks are actually from around the globe.

Yesterday from the hirings in congress the big CEOs just refuse to answer if their banks were going to need more money, that means they will keep leaching the American tax payer until they are satisfied, because their crisis is far from over.

What goes behind close doors is not for the commoners like us to know, just to make conspiracies about it.

Very simple.