Think about gasoline at $12 to $20 a gallon....
Milk at $10 a gallon ... Bread $4 a loaf, how long are your savings gonna last with prices at these levels??? Think
yer gonna get a big pay raise to help you keep up???
NOT..........most folks won't even see this coming..... and then it's gonna come to Amerika European
banks are planning to dump more of the €300bn they own in Italian government debt, as they seek to pre-empt a worsening
of the region’s debt crisis and avoid crippling writedowns – a move that could scupper the European Central Bank’s
efforts to bring down soaring yields.Still reeling from heavy losses on money they lent to Greece, lenders are keen
not to make the same mistake twice.Then, under the pressure of governments and a hope that credit default swaps would protect
them against heavy losses, they held on until it was too late to sell.With the ECB providing a bid for Italian bonds
that might not otherwise exist, board members at some of Europe’s largest bank say now is the time to accelerate disposals.
Many are also reversing long-standing policies of buying into new Italian bond issues, denying Rome an important base of support.“Our
traditional buying days are no longer,” said one board member at a European bank, one of Italy’s 10 biggest creditors,
who added that the bank has also sold off previous bond purchases. “Unless there is more certainty on Italians changing
direction, it will be very tough for them to find buyers.”“It’s better to take the
losses now when everyone is expecting it rather than wait around for a default”
Banks are important
creditors to Rome, having bought about 40% of the €22bn Italy issued in euro-denominated syndicated bonds since 2009.
According to the European Banking Authority, the region’s biggest 90 banks held €326bn of Italian debt at the end
of last year. credit pending update for the above article great job guys
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