Banking Insider: It's "Unbelievably Bad"
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Send to friendDecember 14, 2007 (LPAC) -- A senior European financial source told Executive Intelligence Review today that the coordinated bailout action by European central banks was taken only as an emergency stopgap to prevent a banking crash between now and Christmas/New Year. The action does not address the banking crisis and was not intended to do that.
The source described the credit crunch as "worsening by the hour," and the situation as "unbelievably bad." Although he may be overly optimistic, LPAC views the analysis by this source as in the right direction.
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