Greyerz – European Leaders Lying, Trillions Need to Be Printed
March 28, 2012
Today Egon von Greyerz told King World News that statements from European leaders claiming the crisis is “ebbing” and “almost over” are completely false. Von Greyerz also said the first trillion euros printed is nothing compared to the trillions we will see in coming months. Egon von Greyerz is founder and managing partner at Matterhorn Asset Management out of Switzerland. Here is what von Greyerz had to say: “I think these politicians are living in a different world, Eric. They are just pretending that things have been remedied with the last trillion euros of the LTRO that the ECB has just issued. But Spain is the next problem.”
Egon von Greyerz continues:
“Spain now has over 700 billion euros of debt, and of that about 14% has been issued in the last three months. That’s over 100 billion euros of debt issued in the last three months. So Europe is hemorrhaging and Spain will be the next Greece.
The Spanish problem is a lot bigger and will be a lot worse. Spanish banks have never taken the correct provision for their property collapse….