One-third of Europe's banks need to close or merge to restore stability, warns the IMF 

A startling warning that one-third of Europe's banks need to close or merge if stability is to be restored has been issued by the International Monetary Fund.
The IMF's top financial enforcer, Peter Dattels, revealed during its annual meeting in Washington yesterday that 'one third of the system representing $8.5trillion remains weak and unable to generate sustainable profits'. 
He added: 'There are simply too many branches, with too few deposits and too many banks with funding costs well above their peers.'
His incendiary comments came in the midst of the crisis which has gripped Deutsche... read more

5 October 2016 in Business, Views: 42
Source: Daily Mail

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