EU runs joke stress tests, 10% of banks still fail

[Gustaf]

"Eight out of 90 European banks have failed stress tests designed to ensure they can withstand another financial crisis.

The European Banking Authority (EBA), which carried out the healthcheck, said another 16 banks were in the danger zone.

The EBA called on national financial regulators to ensure that capital shortfalls would be quickly resolved.

Five Spanish banks failed, as well as one in Austria and two in Greece.

On Wednesday, Germany's Helaba pulled out of the stress tests, effectively making it the ninth bank to fail."



http://www.bbc.co.uk/news/business-14169940

[J. J.]

One more shock and Western Europe (along with the US) officially joins the Third World. 

[King]

One more shock and Western Europe (along with the US) officially joins the Third World. 

Well, if everybody is in the Third World, then I guess we're all pretty much even then?

[© tweed]

One more shock and Western Europe (along with the US) officially joins the Third World. 

obviously a dumb comment, but it contains inadvertent truth.  if 08 is any indication another systemic collpase would benefit the ruling class, as it already has its logic set up: these terrible times are here because we've lived beyond our means, the public sector and regulation are stifling the God-ordained job creators, so let's cut some trillions from programs underwriting health care for a few hundred million people, burn pensions, kill a few million jobs in the unspeakable public sector etc.  thus what do we have?  once you erase the social programs that have made the post-War west what it is, you've got yourself a classic oligarchical third world model, where some white people in suits and ties in control of the military preside over a morass of discontent and starvation.

[J. J.]

One more shock and Western Europe (along with the US) officially joins the Third World. 

obviously a dumb comment, but it contains inadvertent truth.  if 08 is any indication another systemic collpase would benefit the ruling class, as it already has its logic set up: these terrible times are here because we've lived beyond our means, the public sector and regulation are stifling the God-ordained job creators, so let's cut some trillions from programs underwriting health care for a few hundred million people, burn pensions, kill a few million jobs in the unspeakable public sector etc.  thus what do we have?  once you erase the social programs that have made the post-War west what it is, you've got yourself a classic oligarchical third world model, where some white people in suits and ties in control of the military preside over a morass of discontent and starvation.

Ah, if the West is in economic collapse, those programs really didn't amount to much.