If I understand the gist of it European banks are at the point of prettying up the pig.
All their bad assets have been collected into sparkly bundles (that they’re trying to call collateral) with which to borrow money to…but no – I don’t care to revisit 2007/2008.
However the European stakes are a tad higher – more bad debt involved, as well as the possible dissolution of the EU and it’s flagship brand, the Euro. Chances of a workable solution to the crisis range between slim and Scarlett Johansson suddenly deciding to take a paunchy middle-aged lover out in fly-over country. 1
I suppose if the European banks can con folks into giving them money (they have no hope of ever repaying), the crisis might be “averted.” However it’s obvious that – much like their American counterparts – should cash from somewhere be forthcoming (money, I’ll say again, the banks HAVE NEITHER INTENTION OR THE WITHERAL TO REPAY), the banks will not use that cash to extend to the people who actually need it.
Which will – again much like here in America – fuck their economy royally. 2
Ultimately, the European core banks will melt down, which will poisoniously irradiate the international markets, which will raise unemployment, which will…but no – I don’t care to re-revisit 2007/2008.
Well, let’s just say it’s fortunate our robust economy is strong enough to weather the coming fallout.