FT.com / Brussels / Economy - Eurozone banks face $283bn writedowns .
Eurozone banks face additional losses of more than $283bn this year and next as continental Europe’s severe recession intensifies strains on its financial sector, the European Central Bank has warned.
I don't spy green shoots.
I just see markets making merry on tax payers money which they are using for speculation, not lending.
Which is why firmer control of banks is necessary.
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Yes and there needs to be public discussion of the fact that so-called ‘British’ banks which have been bailed out to the cost of myself, my children and my grandchildren, are actually transnational financial corporations, and that they are able to use that money, which was handed to them supposedly to support the UK economy, whereever in the world it suits them.
If the reasoning is that they have to act is such a way as to enable them to repay, and that they are legally obliged to act in the best interests only of shareholders anyway, then this should be discussed, evaluated and possibly adjusted also in the public sphere.
Because right now, we are on a right loser – except those with their hands on our cash of course
Nationalise the lot of them without compensation—that should shake the City out of its current fantasy world of believing we’ll soon be back to ‘business as usual’.