Sunday, June 10, 2012

How European finance is currently managed...


The Spanish banks have said they need 40 billion Euros to avoid becoming insolvent.

The European Central Bank (ECB) don't trust them so would prefer to give them 80 billion.

The financial markets don't trust the ECB so think 100 billion would be safer - to maintain confidence.

Financial services institution JP Morgan estimate the final figure needed could be around 350 billion. 

Does anyone actually know what they're doing?

Words fail me.

7 comments:

nursemyra said...

A resounding NO - they don't.

King of Scurf said...

It'll all end in tears nursemyra.

nursemyra said...

Not ours I hope

Terra Shield said...

I tried understanding the economy during the 2009 economic 'crisis' by reading "freakonomics" (probably not the best idea, though), and ended up with the conclusion that no one knows anything.

King of Scurf said...

nursemyra: No use worrying about it - not a damn thing we can do. Wait and see.

I think your half of the world is in far better shape to deal with it.

Terra: You're very good Terra. You always do your research. I bet you always read instruction manuals as well ;)

Terra Shield said...

Ha ha... I am one of those instruction manual reader types ;)

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