Citigroup Has The Best Summary Of Europe’s Fiasco Yet: “Losses Are Unquantifiable”
by Tyler Durden
Feel like every day Europe is juggling hot potatoes? You are not alone. As the following graphic summary from Citi’s Matt King (whose insight into Europe, liquidity conduits, shadow banking and a comprehensive picture of modern financial “innovation” has rapidly become second to none) shows, the hot potatoes are getting hotter by the minute, and are flying ever faster and higher. But the kicker: King has the best punchline on Europe we have yet encountered: “Losses are unquantifiable” Q.E.D.
Passing The Potato
Europe – and no less most of the developed world – is caught in a self-reinforcing deleveraging process.
They are caught in a vicious triangle.