Europe could be on eve of banking Armageddon which will dwarf Credit Crunch, says expert
GERMANY, Italy, Switzerland, Britain and France are facing the catastrophic consequences of ‘over leveraging’ as Europe’s biggest banks prepare to release their latest results over the next two days.
By SIOBHAN MCFADYEN
Express.co.uk
Wed, Oct 26, 2016
And analysts say the potential for a cataclysmic failure could spread like a wild-fire hitting the continent and beyond as the true extent of deep troubles in the international banking sector are revealed.
The IMF and German governments have refused to step in to prop-up struggling banks but risk analysts are warning Deutsche Bank, RBS, Lloyds, Unicredit, Intesa SanPaolo, and BMPS could all need a state bail out.
And it’s going to be a wake up call for the whole of Europe say experts who fear the reports are not going to be good for anyone.
With alarming simliarities to the 2008 global financial crash, the latest results could spell disaster not only for the wealthy bankers paid to operate the system but for ordinary savers.
New York based David Hendler of Viola Risk Advisors says the next two days could have serious ramifications for the entire globe.
He said: “Like autumn leaves falling from the mighty oaks, the incredible yellows, oranges, and reds, will turn and rot into the ugly browns and black detritus, leading to smelly and then crumbled leaves.
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