European Central Bank (ECB) head Mario Draghi is running out of options.
Back in 2012, the EU banking system was on the verge of collapse. At that time, various European banks were lurching towards insolvency as the senior most-asset on their balance sheets (EU member nation sovereign bonds) plunged in value.
As a whole, the EU banking system is leveraged at 26 to 1. At these levels, even a 4% drop in your asset values wipes out ALL equity.
French president, François Hollande says that ‘Brexit’ would have ‘consequences’ for Britain and could lead to France scrapping the Calais border deal. A senior French minister also has warned the UK that leaving the EU could end their agreement over border controls in Calais. The French economy minister, Emmanuel Macron said Britain’s departure from the 28-nation bloc would threaten bilateral ties between London and Paris.
Via KeepTalkingGreece.com,
European Council President Donald Turk is visiting Athens today to talk about the Refugee Crisis. He met with Prime Minister Alexisi Tsipras and both men agreed that
Unilateral actions by European Union member states to deal with the migrant crisis troubling the bloc is hurting solidarity and must stop.
The EU Migration Commissioner Dimitris Avramopoulos has issued a stark warning on the future of Europe – saying that the bloc’s migration system may “completely break down” in just 10 days time by March 7, unless Europe seriously curb the number of migrants entering. “In the next 10 days, we need tangible and clear results on the ground. Otherwise there is a risk that the whole system will completely break down,” Avramopoulos warned a press conference.
For Greece, Europe's worsening refugee crisis amounts to an "insult to injury" scenario.
Just six months after Angela Merkel and the Brussels cabal put Athens through round after round of "mental waterboarding" on the way to granting the country a third bailout and preventing Greece from marking a messy exit from the common currency, Alexis Tsipras now finds himself on the front lines of a mass Mid-East migration to Western Europe.