This is the hidden story of the Euro crisis, the bit going on behind close doors, and the bit with the really big numbers! Lets forget out Spain needing €110bn to recapitalise its banks; what about the €434bn (over 40% of GDP) that it owes the European Central Bank clearing system? This is basically akin to your bank forgetting to put a stop on your credit card despite you being over the credit limit and not having made a repayment in the last year. This article is by Terry Smith, one of the City's more colourful characters, but also one of its most insightful.
Read it and ask yourself why the politicians are not talking about this?
Nick
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