Unpayable Debts and an Existential EU Financial Crisis – Are Eurozone Central Banks Still Solvent?

Vast liabilities are being switched quietly from private banks and investment funds onto the shoulders of taxpayers across southern Europe. It is a variant of the tragic episode in Greece, but this time on a far larger scale, and with systemic global implications.… Read More Unpayable Debts and an Existential EU Financial Crisis – Are Eurozone Central Banks Still Solvent?

Plan B for Italian Banks Is Like Fight Club: You Don’t Talk About It (Except in Italy)

By Francine Lacqua and cross-pòsted from City AM Back in 2010, as the Greek crisis began, I was up in the mountains of Davos interviewing Joaquin Almunia, the then EU economics commissioner. Eight times I asked him: does the EU have a Plan B if Greece’s banks fail? After fudging an answer on the first… Read More Plan B for Italian Banks Is Like Fight Club: You Don’t Talk About It (Except in Italy)