We’re Now In The Eye Of The Perfect Storm: Europe’s Banking System Is Breaking Down Again, APPLE Is Following An Ominous Path, China Trust Loans Jump Sevenfold, And Several Measures Of Market Sentiment Are Now Hitting Extremes
January 17th, 2013
Europe’s Banking System Is Breaking Down Again
Greece’s four largest banks need to boost their capital by 27.5 billion euros ($36.3 billion) after taking losses from the country’s debt swap earlier this year, the largest sovereign restructuring in history.
National Bank of Greece SA, the country’s biggest lender, needs to raise 9.8 billion euros, according to an e-?mailed report by the Athens-?based Bank of Greece (TELL) today. Eurobank Ergasias SA (EUROB) needs 5.8 billion euros, Alpha Bank (ALPHA) needs 4.6 billion euros and Piraeus Bank SA (TPEIR) needs 7.3 billion euros, according to the report. Total recapitalization needs for the country’s banking sector amount to 40.5 billion euros, the report said.