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The Commission figure is significant because of the role EU officials will play in devising rules to evaluate “toxic” bank assets later this month. New moves to bail out banks will be discussed at an emergency EU summit at the end of February. The EU is deeply worried at widening spreads on bonds sold by different European countries
European Commission officials have estimated that impaired assets may amount to 44pc of EU bank balance sheets. The Commission estimates that so-called financial instruments in the trading book total £12.3 trillion (13.7 trillion euros), equivalent to about 33pc of EU bank balance sheets.
Converted into dollars, £16.3 trillion are the equivalent of $25 trillion.
Originally posted by marg6043
reply to post by edsinger
Reagan what in the heck we need another Reagan, under him is where the whole actual mess we are seen today started.
Get your history fact fix my friend.
Originally posted by Nimrod
A strong country like Germany may sustain 67 % debt ratio, and maybe UK can't nor US . It depends on many factors. Such as: Exportation, productivity, Commercial balance, government spending, taxation level, etc..
The problem with US economy, is not only the actual debt, but long term liabilities, wich are about 54 Trillions now. And the fact that nothing seems to stop the over spending, unbalance budgets, Creation of money out of the blue, costly no-end-in sight wars, millitary expense beyond imagination, low productivity, High trade deficit, low saving rates, people endebtment.
What is saving the US from a brutal decline is the US dollar as THE TRADE currency worlwide, But it could also be fatal if everybody dumps it, because they print them ''ad Nauseam''.
Your assuming that wages "have" to keep up with inflation and in the past 30 years it has not. Wages when you consider inflation has actually gone DOWN. This is part of the reason we are in this situation we are now. We are a debt based society and pretty much have to be because of the wage gap. 90% of all the wealth is controlled at the top 1%. This does not make for a good foundation.
Growing Transatlantic tensions on the eve of the G20 summit: An illustration of Wall Street’s and the City’s attempt to destabilize the EU banking system and the Euro
In line with their concern for reliable information, the LEAP/E2020 team (which warned about housing risks in Central and eastern Europe as early as December 2007 in GEAB N°20 decided to study carefully in the present public announcement the reality of this so-called “Eastern European banking bomb” which has invaded the media in the last month.
If we found this a relevant theme, it is because it represents in our opinion a deliberate attempt on the part of Wall Street and the City (2) to make the world believe in some rupture within the EU and to instil the idea that some « deadly » risk is weighing on the Eurozone, by endlessly conveying phony news on a “banking risk coming from Eastern Europe” and by stigmatizing a “cold-feeted” Eurozone as opposed to the “voluntarist” actions initiated by the Americans and the British. One aim is also to divert the attention from the increasing financial problems encountered in New York and London, and to weaken the Europe position on the eve of the G20 summit.
Originally posted by edsinger
Here are some links that I found interesting,
... means that Possible toxic assets may amount to $20 trillion..
impaired assets may amount to 44pc of EU bank balance sheets