Right at 11:30 AM (ET) when Europe closed, an ominous headline came out.
RTRS-GERMAN DEVELOPMENT BANK KFW CHIEF SCHROEDER-
SITUATION OF BANKING INDUSTRY IS "MUCH
MORE DRAMATIC THAN IN 2008
We haven't seen more context yet. That's from FT Alphaville's Neil Hume.
Needless to say, the funding situation in Europe is very bad.
Along the same themes, earlier FT's Tracy Alloway published chart from Deutsche
Bank, showing that through 2011, there's been no net new issuance of bank
debt in Europe.
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