Greece

Authored by Maria Polizoidou,

Authored by Raul Ilargi Meijer via The Automatic Earth blog,

When one thinks of unstable, risky banking systems, the first thing that comes to mind are visions of insolvent, state-backed building - with or without long ATM lines - in China, Greece, Italy or, in recent times, Germany. However, according to the most recent report by the Bank for International Settlements, the country with the riskiest banking system is neither of these, and is a rather "unusual suspect."

The Greek debt crisis has been around for a long time, probably raising its head just around the time that the U.S housing and loan crisis unfolded in 2009; when the country acknowledged that it piled up debt to the tune of 113% of its GDP. 

Since then, through endless turmoil and stress, the country has been battling with its creditors to “give it a break” and write-off a large chunk of its owing. That story still continues till this day!

A RAY OF HOPE?

Submitted by Mike Shedlock via MishTalk.com,

Eurozone Target2 imbalances have touched or exceeded the crisis levels hit in 2012 when Greece was on the verge of leaving the Eurozone. Others have noted the growing imbalances as well.

I had a couple of questions for the ECB regarding Target2, which they have answered, I believe disingenuously.