Thursday, Feb 12, 2009
Edging ever closer to the quadrillion.
Telegraph: European bank bail-out could push EU into crisis
“Estimates of total expected asset write-downs suggest that the budgetary costs – actual and contingent - of asset relief could be very large both in absolute terms and relative to GDP in member states,” the EC document, seen by The Daily Telegraph, cautioned.
"It is essential that government support through asset relief should not be on a scale that raises concern about over-indebtedness or financing problems.”
Posted by flintster1994 @ 04:02 PM (421 views) Add Comment
2 Comments
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1. flintster1994 said...
On the original link it mentioned an estimate of £16.3 trillion!
2. jack c said...
I'm not too sure where S2R1 is these days as he doesnt post as prolifically as before - suffice to say his doom laden predictions littered with the term "destruction" dont seem as far fetched as maybe a lot of people thought.