Quote:
Originally Posted by Slappin Fish
No there is plenty to disagree with, but until you called me out I really didn't feel like going into a sterile debate.
There is trouble no doubt, especially with Austria, who is the most exposed but on a European level it represents only 9% of aggregate GDP, not a number that can come close to bringing down the euro.
Some banks will suffer of course but unlike in the UK many are still making a healthy: profit Banco Santander ($11 billion in 08) BNP ($4.5 billion) SocGen ($3 billion)....
Wasn't it the Telegraph who was predicting they would be crushed in 08...hmmm
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Yes, Austria is bad, but they are not nearly the only ones. European banks are leveraged much more than even US banks and the Eastern Europe problem is on a scale much larger than US Sub Prime. You seem to think that the problem is rather small and containable. You are going to be in for quite a surprise...
