Thursday, 24 November 2011

The Looming EU Banking Crisis and Funding the PA

Oy Vey! ...  Who will support the 'Palestinians'?

Israel Matzav
In an interview with CNBC on Wednesday morning, Oliver Sarkozy, the half brother of French President Nikolas Sarkozy, says that a bailout of Europe will require the European Central Bank to inject at least $2.12 trillion into the European economy (Hat Tip: Memeorandum).
Sarkozy on Europe math fail: "The math i'm working with is very simple. In the US banking sector, we had 3 trillion of wholesale funding that needed to be stabilized, got stabilized by the implementation of TARP which saw the US treasury buy $212 billion worth of preferred in the banking sector to stabilize that $3 trillion, give our banks the time to work through hair problem their problem assets. In Europe, that $3 trillion is $30 trillion. so if you multiply the $212 by 10, you get the $2.12 trillion. In my view, the issues on the European banks are bigger than the issues on the books of the US Banks. So if you want to stabilize that $30 trillion and in my view it's not that you want to, it's that you have to, you do not have a choice, you're going to have to be at least at 2.1 trillion and i suspect it may need to be more."

Here's more. Let's go to the videotape.



And it was just last week that the Europeans promised the 'Palestinians' another €100 million. Obviously, the Europeans will keep their priorities in order: Destroying the Jewish state, by giving money to terror mongerers who are the frontline soldiers against it, must come before saving Europe. But where will they get the money? What could go wrong?
It couldn't happen to a nicer group. Heh.

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