“The European problem is way beyond Greece… we’re probably going to have to restructure Ireland and restructure Portugal.” (Bloomberg)


Pay no attention to that Varadkar behind the curtain!

Via BloombergProblems Go ‘Way Beyond’ Greece:

“The European problem is way beyond Greece,” Fink said in the interview in Hong Kong. “Greece is the most immediate problem. I find it very difficult to restructure Greece without the understanding that we’re probably going to have to restructure Ireland and restructure Portugal.”
… “The banking system in Europe owns all this debt,” Fink said. “If we restructure one country, we’re now basically putting huge capital stress on these banks. Before we restructure any country, we’re going to have to restructure the banking system in Europe.”

Read more.

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This entry was posted in Debt Default/Restructuring, ECB/IMF, Economy, ireland and tagged , , , , , , , . Bookmark the permalink.

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