Deutsche Bank: EU Banks Need $166 Billion Bailout
According to chief economist of Deutsche Bank, European banks urgently need a $166 billion bailout. David Folkerts-Landau, Deutsche-Bank AG’s chief economist, says EU banks desperately need significant recapitalization efforts, Italian banks in particular. “Europe is extremely sick and must start dealing with its problems extremely quickly, or else there may be an accident. I’m no doomsday prophet, I am a realist.” Of particular concern are Italian banks, whose estimated €360 billion in bad loans could cause a bank failure and ripple effect, affecting the rest of the EU. While....
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Deutsche Bank’s economists have warned that the U.S. will suffer a major recession next year. However, several other major investment banks, including Goldman Sachs and JPMorgan, are less pessimistic about the future outlook for the U.S. economy. Major US Recession Incoming, According to Deutsche Bank’s Economists Deutsche Bank has predicted a deeper downturn than its previous forecast for the U.S. economy in a report to clients, published Tuesday. The bank’s economists, including David Folkerts-Landau, group chief economist and head of research, explained in the....