Deutsche Bank
© www.euractiv.com
Italiens premiereminister, Matteo Renzi, affyrede skud mod Tysklands økonomiske EU hegemoni da han sagde ved en fælles nyhedskonference med den svenske statsminister Stefan Lofven:
"Hvis ikke-præsterende lånproblem er værd en, så er spørsmålet om derivater i andre banker, i store banker, værd et hundrede. Det er forholdet: en til et hundrede."
Renzi refererede til de massive , billioner af derivater som Deutsche Bank har på sine regnskabsbøger. Ifølge Renzi, så kan Italien have problemer, men "andre" Europæiske banker har langt større problemer.


Kommentar: Deutsche Bank's involvering i derivater er på ikke mindre end €54.7 Billioner. Til sammenligning så er Tysklands Bruttonationalprodukt på €2.74 Billioner.


David Folkerts-Landau, chief economist Deutsche Bank
© www.welt.de
Zerohedge giver en kontekst for Italiens bankproblemer..
I kølvandet på Brexit, har meget af den investerende offenligheds opmærksomhed været vendt mod Italiens banker som er i akut nød for en redningspakke som et resultat af €360 milliarder i dårlige lån som bliver værre dag for dag ( og ikke en bail-in, som europæiske regulativer kræver, da det ville føre til en umiddelbar bank løb) for at undgå en fastfrysning og/eller kollaps af Italiens banksektor. Dette har skubbet aktiepriserne - og en risiko for nulstilling - af italienske banker til rekordniveauer. Indtil videre har Italiens ønsker om en bankpakke for det meste ikke vundet lydhør, da Tysklands politiske ledere har modstået Renzis gentagne bønner om en skatteborgerfinancieret redning. Men som vi har påstået og som Italiens primierminister indrømmede i sidste uge, så er kernerisikoen for Europa ikke blot den italienske banksektor, men den største bank i hele Europa: Deutsche Bank.
Mens vi lige er kommet af rutschebanen af den britiske afstemning så står den europæiske union overfor endnu en svimlende rutschebane hvor ikke en, men to meget store spillere i EU står for at få tæsk. Budbringeren af flere dårlige EU nyheder, er David Folkerts-Landau, cheføkonomen hos Deutsche Bank, som har talt for en multimilliard redningspakke til europæiske banker.


Kommentar: Denne artikel er blot delvis oversat til dansk af sott.net fra: Deutsche Bank requests €150 billion bailout to EU banks


Zerohedge has more on this developing story...
Speaking to Germany's Welt am Sonntag, the economist said European institutions should get fresh capital for a recapitalization following a similar bailout in the US. What he didn't say is that the US bailout took place nearly a decade ago, in the meantime Europe's financial sector was supposed to be fixed courtesy of "prudent" fiscal and monetary policy. It wasn't.

As Landau says the US helped its banks with $475 billion dollars, and such a program is now needed in Europe, especially for Italian banks. In other words, just because the US did it, now it's Europe's turn to ask for more of the same. "In Europe, the bailout does not need to be so large. A €150 billion program should be enough to help European banks recapitalize," said David Folkerts-Landau. He adds that the decline in bank stocks is only the symptom of a much larger problem, namely a fatal combination of low growth, high debt and a "dangerous" deflation. "Europe is seriously ill and needs to address very quickly the existing problems, or face an accident," said the chief economist.


Kommentar: Det lyder lidt som en trussel.


The Deutsche Bank expert said he is particularly worried about Italy and the condition of local banks, where the €40 billion in funding needs is said to be "conservative." He said that the bank bailout is so urgent that it should permit Europe to violate the bail-in rules of the new Banking Directive. The economist notes that such a bail-in is not doable and is politically unfeasible because it would hit people's savings and may cause a bank run in both Italy and elsewhere. We find it strange how nobody thought of this before the rules were implemented, or rather how impairing savings was only a problem when "second-rate" European citizens such as those in Cyprus and Greece were affected. Now that Italians and even Germans are in the cross hairs, suddenly "it is time to change the rules."

His conclusion: "Strictly adhering to the rules would cause greater harm than if they were suspended." Our only question is whether Deutsche Bank's chief economist is more worried about the future of Italy's banks, or that of his own employer.

In the meantime, we look forward to the next pan-European bank bailout, now that even Germany's biggest bank has thrown in its support behind the proposal, which means Merkel and Schauble's resistance will promptly evaporate in the coming days as insolvent banks across Europe once again get rescued by taxpayers, in the process further escalating populist anger at the treatment of banks, leading to more Brexit-like events and the further fragmentation of Europe.