Poland and Polish Discussion Group and Forum

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Bankrupt european banks sitting on 23$ trillion of impaired debts.

This article may be of interest to those interested in the current financial crisis facing the world and Europe.


http://www.marketoracle.co.uk/Article9210.html

Re: Bankrupt european banks sitting on 23$ trillion of impaired debts.

Looks interesting Varsovian, but I can't cope with reading it at this hour. My understanding is that it's all down to accounting fiddles and poor reporting practices. There is a big roll out of international accounting standards but of course there are always ways to hide assets and so much is subjective. Auditors can never find everything so no point knocking them. More regulation & tighter controls are needed worldwide, end of.

I think the current UK approach of just printing more money will end in disaster as we are after all now in a global market so any approach must be consistent surely?

I did read in the paper today that the other Euro leaders are rather apathetic about finding a proactive solution together. I think it was about the G8 summit. Is there a balanced article on this somewhere?

Re: Bankrupt european banks sitting on 23$ trillion of impaired debts.

Ha!
This time me no guilty.
I was strangely occupied with proofreading hundreds of pages of bad English written by Poles.

Re: Bankrupt european banks sitting on 23$ trillion of impaired debts.

As No 10 tries to rewrite history, let's not forget that at the 2007 Mansion House dinner, Gordon Brown boasted that London's success was based on "light-touch regulation, a competitive tax environment and flexibility".

He told an audience of Square Mile grandees: "In 2003, just at the time of a previous Mansion House speech, the Worldcom accounting scandal broke. And I will be honest with you. Many who advised me, including not a few newspapers, favoured a regulatory crackdown. I believe we were right not to go down that road… we were right to build upon our light-touch system."