Europe is SCREWED: Shock warning from trader who predicted 2008 financial crisis
EUROPE could be blown apart by a toxic cocktail of risks brewing within the bloc’s financial system, according to the Wall Street trader who correctly predicted the 2008 financial crisis.
By LANA CLEMENTS
Express.co.uk
Mon, Nov 21, 2016
Steve Eisman, who inspired Hollywood film The Big Short, has warned Italy’s crippled lenders and large amounts of sovereign debt held by European banks are among the reasons the continent is facing total meltdown.
The most immediate threat comes from the staggering £270billion worth of bad loans held by Italian banks, according to the legendary investor, who made £81million ($1bn) by betting against banks in the run up to the financial crash in 2008.
While the guru said he wasn’t worried about Britain’s banks, he laid out a grim future for Europe.
e said: “Europe is screwed. You guys are still screwed.”
The guru said Italy’s lenders are trapped by the so-called non-performing loans.
He added: “In the Italian system, the banks say they are worth 45-50 cents in the dollar.
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