18 Signs That The Banking Crisis In Europe Has Just Gone From Bad To Worse

And 18 signs that indicate it may well get much worse going forward. It's been said often that it isn't so much the concern with Greece leaving, as if that was a discrete event, because it isn't. Once Greece goes, then it sets up a dangerous precedent for other Eurozone countries to hit eject as well. This would further exasperate the crisis with increasing costs added to already burdensome debt loads amid slowing and contracting economies and the means to make any effective measure null and void to contain it all. A blend of converging adverse financial and economic impacts to escalate an already dire situation to breaking point. Is this the new 2008 crisis playing out here? Please refer to link for full article.

The Economic Collapse Blog

With each passing day, the banking crisis in Europe escalates.

And at the moment, things across the pond are moving at a pace that is absolutely breathtaking.

The following are 18 signs that the banking crisis in Europe has just gone from bad to worse....

#1 Moody's has announced that it has downgraded the credit ratings of 16 Spanish banks. Included was Banco Santander, the largest bank in the eurozone.

#2 Shares of the fourth largest bank in Spain, Bankia, dropped 14 percent on Thursday.

#3 Overall, shares of Bankia have declined by 61 percent since last July.

#4 Shares of the largest bank in Italy, Unicredit, dropped by about 6 percent on Thursday.

#5 According to CNBC, a Spanish bond auction on Thursday went very poorly....

#6 The yield on 10 year Spanish bonds is back above 6 percent.

#7 In recent days, about eight times more money than usual has been pulled out of Greek banks.

#8 Fitch has slashed the long-term credit rating for Greece from B- to CCC.

#9 The European Central Bank has cut off direct lending to at least 4 Greek banks.

#10 According to a recent German documentary, financial records at the Ministry of Finance in Athens are being stored in garbage bags and shopping carts.

#11 The euro hit a 4 month low against the U.S. dollar on Thursday.

#12 It has been announced that the Spanish economy and the Italian economy are officially in recession.

#13 The Spanish government is becoming increasingly concerned about the bad loans that are mounting at major Spanish banks.

#14 Civil unrest is rising to dangerous levels in Italy. The Italian government has assigned bodyguards to 550 individuals and has increased security at about 14,000 locations in response to recent violence related to the economic crisis.

#15 Governments all over Europe are rapidly making preparations for a Greek exit from the euro.

#16 According to CNBC, the banking crisis in Europe is beginning to affect global trade....

17 Moody's downgraded the credit ratings of 26 Italian banks on Monday.

#18 Moody's has announced that it is reviewing the credit ratings of 114 more European financial institutions.

Yeah, I have a feeling there may be some bank holidays starting over the weekend in multiple European countries.

Of course, knowing the idiot politicians, they will probably just create a few hundred billion Euro's out of thin air and give them to the banks to reward them for gambling away all their assets. Of course every time they do that the amount of time before the next free cash handout is needed shortens.

One way or another the end game for the Eurozone is closing in.