Trading - Some Euro concern rising?We got a nasty European Commission downgrade of growth per key news above; plus this morning from Wolfgang Münchau, writing in the Financial Times:
"Governments are not coming clean on the scale of the crisis. Süddeutsche Zeitung, the German newspaper, recently revealed an internal memo from Bafin, the country's banking regulator, showing the estimated scale of write-offs would be more than €800bn ($1,061bn, £712bn), about a third of Germany's annual gross domestic product. By comparison, the entire capital and reserves of its monetary and financial institutions were only €441.5bn in February. If the leaked number is true, it would mean the German financial system is broke.[9:09:15 AM] Andy_eaFXTrader says: watch for dollar strength
Wednesday, May 6, 2009
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