The EU currency may collapse

The Looming Collapse of European Banking
by Gary North

The banking system of Europe is at the edge of the abyss. A brief story by The Telegraph revealed this last week. The original was almost immediately deleted. A new version was substituted.

You can see the original headline on Google:

European banks may need £16.3 trillion bail-out, EC document warns …

There are dozens of these links. I read the story last week. I saved the link. But, lo and behold, when I clicked my saved link on Monday morning, the story did not mention a specific figure.

There was a reason for this. The editors at The Telegraph had taken out the following paragraphs:

European Commission officials have estimated that impaired assets may amount to 44pc of EU bank balance sheets. The Commission estimates that so-called financial instruments in the trading book total £12.3 trillion (13.7 trillion euros), equivalent to about 33pc of EU bank balance sheets.

In addition, so-called ‘available for sale instruments’ worth £4trillion (4.5 trillion euros), or 11pc of balance sheets, are also added by the Commission to arrive at the headline figure of £16.3 trillion.

Fortunately, web sites around the globe have posted the deleted paragraphs.

Read the full article here.


  1. #1 by Ampers on Thursday, 19 February 2009 - 10:13 pm

    Thanks Mara, interesting article..AmpersNote for others, I don’t normally publish comments with links on, but this one is evidently relevant so it got passed the “jabbing finger” 🙂

  2. #2 by MARA MACSEOININ on Thursday, 19 February 2009 - 6:12 pm

    Hardly surprising, given the current (infinitely corrupt) state of the media. Interesting take on it here:

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