The European Central Bank admitted it had held meetings about providing emergency funding to the region's struggling banks, however City figures said a "collateral crunch" was looming. Photo: Bloomberg
Eurozone Banking System On The Edge Of Collapse -- The Telegraph
The eurozone banking system is on the edge of collapse as major lenders begin to run out of the assets they need to keep vital funding lines open.
Senior analysts and traders warned of impending bank failures as a summit intended to solve the European crisis failed to deliver a solution that eased concerns over bank funding.
The European Central Bank admitted it had held meetings about providing emergency funding to the region's struggling banks, however City figures said a "collateral crunch" was looming.
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My Comment: The chaos on world financial markets from a Eurozone banking collapse will be worldwide and long lasting. Hmmm .... so much for this week's EU summit in solving this debt crisis.
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