Topic: European Banks Crash For 4th Straight Week - page 3. (Read 2631 times)
Banks in EU are very strong, because Germany and France are very rich countries, so banks hace a lot of money. Some small bank problems are not important for whole EU market.
Italian Banks Halted Limit-Down
INTESA, UNICREDIT HALTED IN MILAN; LIMIT DOWN
Who could have seen that coming?
Hope Turns To Nope As US Stocks Slump Red, Italian Banks Halted Limit-Down
http://www.zerohedge.com/news/2016-04-12/hope-turns-nope-us-stocks-slump-red-italian-banks-halted-limit-down
INTESA, UNICREDIT HALTED IN MILAN; LIMIT DOWN
Who could have seen that coming?
Hope Turns To Nope As US Stocks Slump Red, Italian Banks Halted Limit-Down
http://www.zerohedge.com/news/2016-04-12/hope-turns-nope-us-stocks-slump-red-italian-banks-halted-limit-down
Well the banks always wanna more money that isnt new at all ,the only difference is that with the financial problems banks are more exposed then before.
Now they´re getting seriously worried about dirty bombs. There was a conference about a week ago.
It´s the prefect terror weapon. And the drones make it easy to get wide dispersal of radioactive material. Imagine one going off over Manhattan. It wouldn´t need to be a big thing, the psychological impact would be immense. As would be the cleanup costs.
It´s the prefect terror weapon. And the drones make it easy to get wide dispersal of radioactive material. Imagine one going off over Manhattan. It wouldn´t need to be a big thing, the psychological impact would be immense. As would be the cleanup costs.
Deutsche Bank is one to think about. If the rumoured Shanghai Accord further damages the EU area (by strengthening Euro, deepening the malaise), then there may be an issue.
This is from their own internal rating measures:
- Investment grade to junk ratio of 2:1 ie 50% of its credit is junk.
- Bad risk exposures outweigh good by 30%
- 746% of its equity is exposed to medium/high to already defaulted exposure.
- This bank is heavily supported by the tens of billions of euro of the ECBs LTRO and TLTRO (bank welfare) lending facilities, and it's still not nearly enough.
- If their derivative & OTC exposures reach negative extremities they are on the hook. At the moment asset risk is priced by fair value instead of notional value.
The source for this is from Reggie Middleton's blog, taken from Deutsche bank's own documents. Of course he is not saying it is DB, just a major TBTF EU bank. So, if it isn't DB, its some other massive zombie institution.
Here's the link
https://blog.veritaseum.com/index.php/homes/1-blog/176-so-called-trusted-parties-bank-collapse-the-ecb-and-blockchains-watch-as-i-call-the-next-bear-stearns-again
This is from their own internal rating measures:
- Investment grade to junk ratio of 2:1 ie 50% of its credit is junk.
- Bad risk exposures outweigh good by 30%
- 746% of its equity is exposed to medium/high to already defaulted exposure.
- This bank is heavily supported by the tens of billions of euro of the ECBs LTRO and TLTRO (bank welfare) lending facilities, and it's still not nearly enough.
- If their derivative & OTC exposures reach negative extremities they are on the hook. At the moment asset risk is priced by fair value instead of notional value.
The source for this is from Reggie Middleton's blog, taken from Deutsche bank's own documents. Of course he is not saying it is DB, just a major TBTF EU bank. So, if it isn't DB, its some other massive zombie institution.
Here's the link
https://blog.veritaseum.com/index.php/homes/1-blog/176-so-called-trusted-parties-bank-collapse-the-ecb-and-blockchains-watch-as-i-call-the-next-bear-stearns-again
Thanks for article and for opening that tread.In a case of banks bailout i can say no,that time it will be much bigger crisis related to derrivatives,no money to cover that and many EU zone countries will not agree
Path situation.but behind that we have nationalism movements rise based on islamic fobia,all that islamic terror has been created for that purpose,crash and next war like a solution as it was from 1929 to1939
We are about to get confirmation that earnings growth for America's biggest companies was negative in the first quarter, compared to the same period a year ago.
When aluminum giant Alcoa releases its results on Monday, it will mark the unofficial start of the heaviest reporting season for S&P 500 companies.
The final scoreboard is expected to show a 9.1% earnings drop for the quarter, according to FactSet senior earnings analyst John Butters.
But the actual decline will likely be smaller, he said. Analysts have ended up being too pessimistic about most quarters since Q2 2013.
Still, earnings would be negative for a third straight quarter....
https://finance.yahoo.com/news/standby-terrible-news-wall-street-100000025.html
When aluminum giant Alcoa releases its results on Monday, it will mark the unofficial start of the heaviest reporting season for S&P 500 companies.
The final scoreboard is expected to show a 9.1% earnings drop for the quarter, according to FactSet senior earnings analyst John Butters.
But the actual decline will likely be smaller, he said. Analysts have ended up being too pessimistic about most quarters since Q2 2013.
Still, earnings would be negative for a third straight quarter....
https://finance.yahoo.com/news/standby-terrible-news-wall-street-100000025.html
Are we in for a next phase of Bail-outs for banks or are they finally going to fail? They cannot sustain negative interest rates for long periods, before things will start to collapse. I always say, if people start buying gold in large quantities, things are pretty bad.
Some people are even hoarding copper and silver to protect their wealth. ^hmmmmm^
Some people are even hoarding copper and silver to protect their wealth. ^hmmmmm^
Austria Just Announced A 54% Haircut Of Senior Creditors In First "Bail In" Under New European Rules
Just over a year ago, a black swan landed in the middle of Europe, when in what was then dubbed a "Spectacular Development" In Austria, the "bad bank" of failed Hypo Alpe Adria - the Heta Asset Resolution AG - itself went from good to bad, with its creditors forced into an involuntary "bail-in" following the "discovery" of a $8.5 billion capital hole in its balance sheet primarily related to ongoing deterioration in central and eastern European economies.
Austria had previously nationalized Heta’s predecessor Hypo Alpe-Adria-Bank International six years ago after it nearly collapsed under the bad loans it ran up when it grew rapidly in the former Yugoslavia. Having burnt through €5.5 euros of taxpayers’ money to prop up Hypo Alpe, Finance Minister Hans Joerg Schelling ended support in March 2015, triggering the FMA’s takeover.
This was the first official proposed "Bail-In" of creditors, one that took place before similar ad hoc balance sheet restructuring would take place in Greece and Portugal in the coming months. Or rather, it wasn't a fully executed "Bail-In" for the reason that creditors fought it tooth and nail.
And then today, following a decision by the Austrian Banking Regulator, the Finanzmarktaufsicht or Financial Market Authority, Austria officially became the first European country to use a new law under the framework imposed by Bank the European Recovery and Resolution Directive to share losses of a failed bank with senior creditors as it slashed the value of debt owed by Heta Asset Resolution AG......
http://www.zerohedge.com/news/2016-04-10/austria-just-announced-54-haircut-senior-creditors-first-bail-under-new-european-rul
Just over a year ago, a black swan landed in the middle of Europe, when in what was then dubbed a "Spectacular Development" In Austria, the "bad bank" of failed Hypo Alpe Adria - the Heta Asset Resolution AG - itself went from good to bad, with its creditors forced into an involuntary "bail-in" following the "discovery" of a $8.5 billion capital hole in its balance sheet primarily related to ongoing deterioration in central and eastern European economies.
Austria had previously nationalized Heta’s predecessor Hypo Alpe-Adria-Bank International six years ago after it nearly collapsed under the bad loans it ran up when it grew rapidly in the former Yugoslavia. Having burnt through €5.5 euros of taxpayers’ money to prop up Hypo Alpe, Finance Minister Hans Joerg Schelling ended support in March 2015, triggering the FMA’s takeover.
This was the first official proposed "Bail-In" of creditors, one that took place before similar ad hoc balance sheet restructuring would take place in Greece and Portugal in the coming months. Or rather, it wasn't a fully executed "Bail-In" for the reason that creditors fought it tooth and nail.
And then today, following a decision by the Austrian Banking Regulator, the Finanzmarktaufsicht or Financial Market Authority, Austria officially became the first European country to use a new law under the framework imposed by Bank the European Recovery and Resolution Directive to share losses of a failed bank with senior creditors as it slashed the value of debt owed by Heta Asset Resolution AG......
http://www.zerohedge.com/news/2016-04-10/austria-just-announced-54-haircut-senior-creditors-first-bail-under-new-european-rul
Deutsche Bank is one to think about. If the rumoured Shanghai Accord further damages the EU area (by strengthening Euro, deepening the malaise), then there may be an issue.
This is from their own internal rating measures:
- Investment grade to junk ratio of 2:1 ie 50% of its credit is junk.
- Bad risk exposures outweigh good by 30%
- 746% of its equity is exposed to medium/high to already defaulted exposure.
- This bank is heavily supported by the tens of billions of euro of the ECBs LTRO and TLTRO (bank welfare) lending facilities, and it's still not nearly enough.
- If their derivative & OTC exposures reach negative extremities they are on the hook. At the moment asset risk is priced by fair value instead of notional value.
The source for this is from Reggie Middleton's blog, taken from Deutsche bank's own documents. Of course he is not saying it is DB, just a major TBTF EU bank. So, if it isn't DB, its some other massive zombie institution.
Here's the link
https://blog.veritaseum.com/index.php/homes/1-blog/176-so-called-trusted-parties-bank-collapse-the-ecb-and-blockchains-watch-as-i-call-the-next-bear-stearns-again
This is from their own internal rating measures:
- Investment grade to junk ratio of 2:1 ie 50% of its credit is junk.
- Bad risk exposures outweigh good by 30%
- 746% of its equity is exposed to medium/high to already defaulted exposure.
- This bank is heavily supported by the tens of billions of euro of the ECBs LTRO and TLTRO (bank welfare) lending facilities, and it's still not nearly enough.
- If their derivative & OTC exposures reach negative extremities they are on the hook. At the moment asset risk is priced by fair value instead of notional value.
The source for this is from Reggie Middleton's blog, taken from Deutsche bank's own documents. Of course he is not saying it is DB, just a major TBTF EU bank. So, if it isn't DB, its some other massive zombie institution.
Here's the link
https://blog.veritaseum.com/index.php/homes/1-blog/176-so-called-trusted-parties-bank-collapse-the-ecb-and-blockchains-watch-as-i-call-the-next-bear-stearns-again
Don´t miss the charts in the article...
As a result, China desperately wants a weaker dollar, as a weaker dollar will weaken the yuan and relieve the pressure on Chinese exports and demands for devaluation.
Many savvy observers have concluded that the recent G20 meeting in Shanghai led to an informal accord to weaken the dollar to prop up the global economy's shaky foundations--and most acutely, to relieve the pressure on China's yuan, which threatened to destabilize the faltering global economy.
But now the world faces the consequences of a weakening USD: a crisis triggered by a stronger yen. The USD has been yo-yoing in a trading range for a year, as the Federal Reserve has yo-yoed between hawkish declarations of rising rates (which make the USD more attractive and thus stronger) and dovish backtracking (we're never going to raise rates), which then push the USD lower.
No wonder the Fed is wobbling: it can't please both Japan and China. If the dollar plummets, China is delighted but Japan is pushed into crisis. If the USD continues its march higher, Japan is "saved" but China will be forced to devalue the yuan or watch its export sector decline.
As I often note, no nation or empire ever devalued its way to dominance or even prosperity. Rather, the devaluation of one's currency is the kiss of death, as everyone quickly learns your money is a ball that can quickly lose air or go flat.
Here's my take: Japan has no options left. China, on the other hand, can devalue the yuan as the USD strengthens. Indeed, a very good case can be made that China should devalue the yuan, as a practical adjustment to new global realities.
The Fed has a stark choice, and the 2-minute warning just sounded. It can break the informal Shanghai Accord to strengthen the USD to save Japan from the slow-moving catastrophe of a soaring yen, or it can let the USD weaken further to placate China and the commodity-dependent economies.
What it can't do is please everybody. This is the inevitable consequence of manipulating markets: you end up being unable to please anyone, because your constant manipulation has created unsustainable carry trades and speculative gambles.
The FX market is about to blow up in the Fed's face, and there's nothing they can do about it. What central banks fear most are markets that are not tightly controlled by central banks. The world's central banks are about to sit down to a banquet of consequences arising from seven long years of relentless manipulation.
http://www.oftwominds.com/blogapr16/yen-yuan-USD4-16.html
As a result, China desperately wants a weaker dollar, as a weaker dollar will weaken the yuan and relieve the pressure on Chinese exports and demands for devaluation.
Many savvy observers have concluded that the recent G20 meeting in Shanghai led to an informal accord to weaken the dollar to prop up the global economy's shaky foundations--and most acutely, to relieve the pressure on China's yuan, which threatened to destabilize the faltering global economy.
But now the world faces the consequences of a weakening USD: a crisis triggered by a stronger yen. The USD has been yo-yoing in a trading range for a year, as the Federal Reserve has yo-yoed between hawkish declarations of rising rates (which make the USD more attractive and thus stronger) and dovish backtracking (we're never going to raise rates), which then push the USD lower.
No wonder the Fed is wobbling: it can't please both Japan and China. If the dollar plummets, China is delighted but Japan is pushed into crisis. If the USD continues its march higher, Japan is "saved" but China will be forced to devalue the yuan or watch its export sector decline.
As I often note, no nation or empire ever devalued its way to dominance or even prosperity. Rather, the devaluation of one's currency is the kiss of death, as everyone quickly learns your money is a ball that can quickly lose air or go flat.
Here's my take: Japan has no options left. China, on the other hand, can devalue the yuan as the USD strengthens. Indeed, a very good case can be made that China should devalue the yuan, as a practical adjustment to new global realities.
The Fed has a stark choice, and the 2-minute warning just sounded. It can break the informal Shanghai Accord to strengthen the USD to save Japan from the slow-moving catastrophe of a soaring yen, or it can let the USD weaken further to placate China and the commodity-dependent economies.
What it can't do is please everybody. This is the inevitable consequence of manipulating markets: you end up being unable to please anyone, because your constant manipulation has created unsustainable carry trades and speculative gambles.
The FX market is about to blow up in the Fed's face, and there's nothing they can do about it. What central banks fear most are markets that are not tightly controlled by central banks. The world's central banks are about to sit down to a banquet of consequences arising from seven long years of relentless manipulation.
http://www.oftwominds.com/blogapr16/yen-yuan-USD4-16.html
Continued article:
As the yen soars, Japan is being pushed into a self-reinforcing recession. After 20+ years of borrowing to fund fiscal stimulus, money-printing, bond-buying, etc., Japan has run out of options. Weakening the yen was the last best hope to boost exports and inflation.
The strengthening yen is an economic crisis for Japan.
Meanwhile, the strengthening dollar pushed China into its own crisis. China's currency, the renminbi (RMB, a.k.a. yuan), is a special case because its relative value is pegged to the USD by Chinese monetary authorities. The peg was about 9 to the USD in 2005, and in the following decade China pushed the yuan up to 6 to the dollar.
A currency peg means the pegged currency goes up and down with the master currency. As the dollar soared, it dragged the yuan higher, making China's exports more expensive. Given the stagnation of China's debt-bubble dependent economy, the last thing chinese authorities wanted to see was a faltering export sector.
As the USD rose, the pressure to devalue the yuan also rose. If you think your money is about to lose 20% of its value due to a devaluation, what can you do to protect your wealth? Get your cash out of the currency that's being devalued and into a currency that's strengthening.
Just the possibility of a yuan devaluation has sparked an unprecedented capital flight of cash flooding out of China into USD and assets such as homes in British Columbia and chateaux in France. Capital flight is not a sign of a flourishing economy or evidence that the monied class trusts the currency or the economy.
Recently, China has taken baby-steps to devalue the yuan: not enough to trigger global panic but more than enough to trigger capital flight and deep unease.
As the yen soars, Japan is being pushed into a self-reinforcing recession. After 20+ years of borrowing to fund fiscal stimulus, money-printing, bond-buying, etc., Japan has run out of options. Weakening the yen was the last best hope to boost exports and inflation.
The strengthening yen is an economic crisis for Japan.
Meanwhile, the strengthening dollar pushed China into its own crisis. China's currency, the renminbi (RMB, a.k.a. yuan), is a special case because its relative value is pegged to the USD by Chinese monetary authorities. The peg was about 9 to the USD in 2005, and in the following decade China pushed the yuan up to 6 to the dollar.
A currency peg means the pegged currency goes up and down with the master currency. As the dollar soared, it dragged the yuan higher, making China's exports more expensive. Given the stagnation of China's debt-bubble dependent economy, the last thing chinese authorities wanted to see was a faltering export sector.
As the USD rose, the pressure to devalue the yuan also rose. If you think your money is about to lose 20% of its value due to a devaluation, what can you do to protect your wealth? Get your cash out of the currency that's being devalued and into a currency that's strengthening.
Just the possibility of a yuan devaluation has sparked an unprecedented capital flight of cash flooding out of China into USD and assets such as homes in British Columbia and chateaux in France. Capital flight is not a sign of a flourishing economy or evidence that the monied class trusts the currency or the economy.
Recently, China has taken baby-steps to devalue the yuan: not enough to trigger global panic but more than enough to trigger capital flight and deep unease.
Not only banks in Europe is performing badly. Those in Asia are also not doing well. I guess this is a global crisis.
Things not looking good there either? Some have the sense to build lifeboats from something more durable than paper though, saw this earlier and was very surprised:
http://anonhq.com/game-changer-china-set-start-yuan-based-gold-price-fix-april-2016/
This could indeed be a game changer. If China does implement a gold fix, it will lose some flexibility with respect to its currency. I am not sure if that will be what it wants. Cheaper yuan is required for the exports that power its economy.
Maybe the bank in US is also crashing...
http://www.theglobeandmail.com/report-on-business/international-business/us-business/us-banks-dismal-first-quarter-may-spell-trouble-for-2016/article29580566/
http://www.theglobeandmail.com/report-on-business/international-business/us-business/us-banks-dismal-first-quarter-may-spell-trouble-for-2016/article29580566/
Japan Desperately Needs a Stronger Dollar, China Desperately Wants a Weaker Dollar: The Fed Can't Please Both
April 7, 2016
The FX market is about to blow up in the Fed's face, and there's nothing they can do about it.
Foreign exchange (FX) is a zero-sum game: if one currency weakens, another must strengthen. Since the value of a currency is relative to other currencies, all currencies can't weaken together: at least one currency must strengthen as others weaken.
That one strengthening currency has been the U.S. dollar (USD) since mid-2014. The USD has strengthened by 20%, while the Japanese yen and the euro weakened by 20%. Many developing-economy currencies (rand, peso, real, etc.) have fallen off a cliff, suffering 40% to 50% (or even more) declines against the U.S. dollar.
Why does any of this matter? Simply put, the stock market is a monkey on a leash held by central banks--just give the leash a little tug, and the monkey jumps. Bonds are a gorilla--harder to control, but still manageable--but foreign exchange is King Kong, trading $5 trillion a day and impossible to control beyond short-term manipulations.
Currencies set the underlying trend, not just for bonds and stocks, but for entire economies. A weakening currency makes a nation's exports cheaper in other countries, and the theory is that expanding exports will boost the overall economy--especially if that economy is stagnating or in recession.
A weakening currency also makes imports more expensive in the domestic economy, pushing inflation higher--precisely what every central bank in the world desires, on the theory that inflation will make people spend more (since their money is losing value) and reduce the costs of borrowing (which is presumed to stimulate more borrowing and spending).
This is why everybody seems to want a weaker currency. But as noted above, every currency can't go down; if some weaken, others have to strengthen.
Which brings us to the current brewing crisis: beneath the propaganda that all is well in the world, the soaring dollar has destabilized the global economy in subtle ways: carry trades have been thrown over, capital flows have reversed, commodities priced in dollars have tanked, and so on.
The typical econo-pundit has welcomed the recent weakening of the USD, a reversal of the strong-USD trend:
Read more:
http://www.oftwominds.com/blogapr16/yen-yuan-USD4-16.html
April 7, 2016
The FX market is about to blow up in the Fed's face, and there's nothing they can do about it.
Foreign exchange (FX) is a zero-sum game: if one currency weakens, another must strengthen. Since the value of a currency is relative to other currencies, all currencies can't weaken together: at least one currency must strengthen as others weaken.
That one strengthening currency has been the U.S. dollar (USD) since mid-2014. The USD has strengthened by 20%, while the Japanese yen and the euro weakened by 20%. Many developing-economy currencies (rand, peso, real, etc.) have fallen off a cliff, suffering 40% to 50% (or even more) declines against the U.S. dollar.
Why does any of this matter? Simply put, the stock market is a monkey on a leash held by central banks--just give the leash a little tug, and the monkey jumps. Bonds are a gorilla--harder to control, but still manageable--but foreign exchange is King Kong, trading $5 trillion a day and impossible to control beyond short-term manipulations.
Currencies set the underlying trend, not just for bonds and stocks, but for entire economies. A weakening currency makes a nation's exports cheaper in other countries, and the theory is that expanding exports will boost the overall economy--especially if that economy is stagnating or in recession.
A weakening currency also makes imports more expensive in the domestic economy, pushing inflation higher--precisely what every central bank in the world desires, on the theory that inflation will make people spend more (since their money is losing value) and reduce the costs of borrowing (which is presumed to stimulate more borrowing and spending).
This is why everybody seems to want a weaker currency. But as noted above, every currency can't go down; if some weaken, others have to strengthen.
Which brings us to the current brewing crisis: beneath the propaganda that all is well in the world, the soaring dollar has destabilized the global economy in subtle ways: carry trades have been thrown over, capital flows have reversed, commodities priced in dollars have tanked, and so on.
The typical econo-pundit has welcomed the recent weakening of the USD, a reversal of the strong-USD trend:
Read more:
http://www.oftwominds.com/blogapr16/yen-yuan-USD4-16.html
Sounds about right though..
Arent we still feeling the after effects after the financial crisis in 2008? they said something about a minimum of 5-6 years to recover?
Arent we still feeling the after effects after the financial crisis in 2008? they said something about a minimum of 5-6 years to recover?
I don't think these are after effects of anything. It looks more like there is another deep crisis coming our way. Not sure when we will feel the heavy impact of this, but I'm fairly sure it won't take longer than 2 years before it will hit the markets. It will be interesting to see what kind of (positive?) impact it will have on the price of Bitcoin by that time.
Sounds about right though..
Arent we still feeling the after effects after the financial crisis in 2008? they said something about a minimum of 5-6 years to recover?
Arent we still feeling the after effects after the financial crisis in 2008? they said something about a minimum of 5-6 years to recover?
Not only banks in Europe is performing badly. Those in Asia are also not doing well. I guess this is a global crisis.
Things not looking good there either? Some have the sense to build lifeboats from something more durable than paper though, saw this earlier and was very surprised:
http://anonhq.com/game-changer-china-set-start-yuan-based-gold-price-fix-april-2016/
Not only banks in Europe is performing badly. Those in Asia are also not doing well. I guess this is a global crisis.
Banks are just a reflection of the overall economy.
If the outlook for the overall economy is bad, banks can't be expected to do much better.
If the outlook for the overall economy is bad, banks can't be expected to do much better.
There was a time when the German chancellor and the head of the European Central Bank had nice things to say about each other. Mario Draghi spoke of a "good working relationship," while Angela Merkel noted "broad agreement." Draghi, said Merkel, is extremely supportive "when it comes to European competitiveness."
These days, though, meetings between the two most powerful politicians in the euro zone are often no different than their face-to-face at the most recent summit in Brussels. She observed that his forced policy of cheap money is endangering the business model of Germany's Sparkassen savings banks and retirement insurance companies. He snarled back that the sectors would simply have to adapt, just as the American financial sector has.
This is nothing new: we have been hearing laments by Europe's biggest bank, Germany's Deutsche Bank, that the ECB has gone too far for over two months now (initially in "A Wounded Deutsche Bank Lashes Out At Central Bankers: Stop Easing, You Are Crushing Us"). But for Merkel to take her feud in the open, and seeking to once again freeze relations between Germany and the ECB at this fragile juncture for the future of Europe, when Draghi has once again failed to stimulate inflation, when he has crushed European banks, but at least has unleashed a massive debt issuance spree, is troubling.
Spiegel has much more:
The alienation between Germany and the ECB has reached a new level. Back in deutsche mark times, Europeans often joked that the Germans "may not believe in God, but they believe in the Bundesbank," as Germany's central bank is called. Today, though, when it comes to relations between the ECB and the German population, people are more likely to speak of "parallel universes."
The reason for German anger: rates....read more
http://www.zerohedge.com/news/2016-04-09/people-germany-arent-stupid-germany-takes-aim-ecb-spiegel
These days, though, meetings between the two most powerful politicians in the euro zone are often no different than their face-to-face at the most recent summit in Brussels. She observed that his forced policy of cheap money is endangering the business model of Germany's Sparkassen savings banks and retirement insurance companies. He snarled back that the sectors would simply have to adapt, just as the American financial sector has.
This is nothing new: we have been hearing laments by Europe's biggest bank, Germany's Deutsche Bank, that the ECB has gone too far for over two months now (initially in "A Wounded Deutsche Bank Lashes Out At Central Bankers: Stop Easing, You Are Crushing Us"). But for Merkel to take her feud in the open, and seeking to once again freeze relations between Germany and the ECB at this fragile juncture for the future of Europe, when Draghi has once again failed to stimulate inflation, when he has crushed European banks, but at least has unleashed a massive debt issuance spree, is troubling.
Spiegel has much more:
The alienation between Germany and the ECB has reached a new level. Back in deutsche mark times, Europeans often joked that the Germans "may not believe in God, but they believe in the Bundesbank," as Germany's central bank is called. Today, though, when it comes to relations between the ECB and the German population, people are more likely to speak of "parallel universes."
The reason for German anger: rates....read more
http://www.zerohedge.com/news/2016-04-09/people-germany-arent-stupid-germany-takes-aim-ecb-spiegel
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