EU set for CATASTROPHIC 2017: Fresh European banking crisis IMMINENT, top analyst warns

Monday, January 2, 2017
By Paul Martin

EUROPE could suffer another catastrophic banking catastrophe on a par with the 2008 financial crisis, a top analyst has warned.

By JON ROGERS
Express.co.uk
Mon, Jan 2, 2017

European banks are still maintaining a large level of bad loans which has continued to hinder the banking system and could spark a new financial meltdown, according to Howard Goldring, managing director of Delmore Asset Management.

The financial world is currently closely examining the banks in Italy, in particular the oldest lender in the world, Monte dei Paschi di Siena (MPS), which was recently forced to opt for state intervention, as it tries to recapitalise and its strategy could be used as a template for other struggling Italian banks.

However, Mr Goldring also points to the fact that other European banks are in a similar position regarding bad debt, which could trigger another financial meltdown.

Mr Goldring said: “In the States, the economy hit the wall, people wrote off all the bad loans, they got on with it and the banks recapitalised and moved forward.

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