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Words written to be eaten >From the Financial Times December 9: Germany: A 'real economy insulated from the banks' suffering "...Loan loss provisions for banks have stayed low considering the depth of the 2009 recession... German banks do not face the balance-sheet woes of, say, their Irish or Spanish peers. Some have sizeable foreign property exposure but the Bundesbank believes the amounts at stake are manageable..." Wanna bet? German banks have euro 570 billion exposure to the corporate non-financial debt, the sovereign debt, and the bank debt of Portugal, Ireland, Italy, Spain, and Greece. ________________________________________________ Send list submissions to: Marxism@lists.econ.utah.edu Set your options at: http://lists.econ.utah.edu/mailman/options/marxism/archive%40mail-archive.com
