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Slightly off-topic, but a tucked away admission of reality:

FT.com / Financials - Spanish banks rage at end of ECB offer

"The system is just not working," agrees Simon Samuels, banks analyst at Barclays Capital in London. "We're approaching the third year of liquidity support and still the market cannot survive unaided."


*Lunatic*, n.
One whose delusions are out of fashion.
by DoDo on Wed Jun 30th, 2010 at 06:41:00 AM EST
[ Parent ]
See here.

By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan
by Migeru (migeru at eurotrib dot com) on Wed Jun 30th, 2010 at 06:45:17 AM EST
[ Parent ]
"We're approaching the third year of liquidity support and still the market cannot survive unaided."...

Or admit that it is a solvency crisis.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed Jun 30th, 2010 at 08:19:19 AM EST
[ Parent ]

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