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Europes banks, Europes crisisWhy are problems of manageable proportion on Europes periphery paralysing the eurozones entire banking system The undercapitalisation of banks is a core reason.Copy LinkCopiedShare via emailShare on XShare on WhatsAppShare on LinkedInJuly 6, 201010:00 am CETBy Daniel GrosEurope continues to constitute the epicentre of Act II of the global financial crisis, which has now mutated into a sovereign-debt crisis within the eurozone. How could this happen when, at least on paper, all problems had seemingly been resolved during Mays extraordinary EU summit meeting, which created a European Financial Stability Facility EFSF and ensured total funding of close to $1 trillion Those May promises have, in the meantime, been made more concrete. A special purpose vehicle SPV has been established in Luxembourg, and can already count on hundreds of billions of euros in guarantees from member states.If all the resources promised 鈧?50
stanley cup billion, including financing from the International Monetary Fund were to b
stanley cup e used fully, the EU could fully refinance all distressed countries Portugal, Spain, and Ireland for a couple of years. Moreover, the European Central Bank ECB has shown willi
stanley ca ngness to buy government and private bonds if it judges that the functioning of the market has been impaired.AdvertisementAdvertisementBut this official financial firepower has left markets unimpressed. Spreads on Spanish government bonds continue to creep up, and are now higher
