Thursday, July 14, 2011

German bank opts out of Stress Test as it would not pass!

The EU proceeds from stupidity,  through absurdity to plain nonsense. What point stress tests if those banks likely to fail just take their cards from the table and go home? Read Reuters from here.

The German finance minister seems to be adopting a similar stance to the EU, stating a meeting of finance ministers tomorrow is unnecessary, while Angela Merkel calmy offers support announcing that Greece now needs no more funds until September. Yet as the record of the last Ecofin Group made clear, the release of the bank stress test report at 5pm on Friday, could be a  turning point, descibed on this link as a potential bombshell.

The Open Europe press briefing today makes particularly horrid reading on the EU problems.

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10:49 AM  

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