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Strategies & Market Trends : The coming US dollar crisis
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To: maceng2 who wrote (49275)1/7/2013 9:27:44 PM
From: ggersh   of 71456
 
Someone's ears were burning. -g-


Greek Banks To Merkel: "Please Ma'am, Can We Have Some Moar", Or Here Comes Bailout #4Submitted by Tyler Durden on 01/07/2013 - 19:19

As loathed as we are to say "we told you so," but we did and sure enough eKathimerini is reporting this evening that: thanks to the 'voluntary' haircuts the Greek banks were force-fed via the latest buyback scheme and the political uncertainty causing non-performing loans (NPLs) to rise (in a magically unknowable way), they will need significantly more 'capital' to plug their increasingly leaky boats. The original Blackrock report from a year did not foresee a rise in NPLs (which Ernst & Young now estimates stands at 24% of all loans) and the buyback dramatically reduces the expected profitability of the banks as it removes critical interest payments that would have been due. Whocouldanode? Well, plenty of people who did not just buy-in blindly to the promise of future hockey-stick returns to growth. Expectations are now for the Greek bank recap to be over EUR30bn.
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