From the HUFF POST / REUTERS:
The EU’s top finance officials are urging ministers to reinforce banks’ capital while warning that a “systemic” crisis in sovereign debt is hurting banks and risks a new credit crunch, according to EU documents…
The reports, which raise concerns in unusually emphatic language and make pointed criticism of some countries for failing to help weak banks, highlight a sense of alarm in European capitals about the financial crisis.
They also show a growing sense of exacerbation at the failure of Spain, Germany and others to deal with flagging banks even after their weaknesses were exposed by recent stress tests…
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EDITOR: The solvency of European banking system (and perhas ours also) is reliant upon nations fulfilling its loan obligations. So the foolishness of so many nations with such divergency in economic strengths sharing a single currency is perpetuated. Perhaps the Europeans will come up with ways to avoid default but also to free Greece, Italy, Spain and Portugal from using the Euro as currency. This would allow for devaluation and greater economic competitiveness.
