Eurozone Banks Face £42bn ‘Capital Black Hole’!

• £42bn looks to be on the ultra low side! Considering they are all adopting ‘Mark to Fantasy’ accounting, £420bn would be closer to the truth!
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• Eurozone banks face £42bn ‘capital black hole’! 
  by Kamal Ahmed, http://www.telegraph.co.uk/ 
  Government adviser Davide Serra says this year’s stress tests by European   authorities are likely to find fresh problems in the eurozone banks.
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  Eurozone banks are facing a new capital black hole of as much as €50bn   (£42bn), according to one of the UK’s most respected financial analysts.
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  Davide Serra, the chief executive of Algebris, who advises the Government on   banking, said that this year’s stress tests by the European Banking   Authority and the European Central Bank were likely to find fresh problems   in the eurozone banks.
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  He said that Germany had one of “the worst banking systems in the world” and   that three or four regional Landesbanken were likely to be wound up. He also   said banks in Portugal and Greece were likely to need more capital.
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  “The country where I expect bad news is the country which has not been   scrutinised and has been deemed to be the strongest,” Serra said.
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  “I expect more bad news coming out of Germany. The strongest German Panzer was   unbeatable, but there is only one problem – they have one of the worst   banking systems in the world. If you are a bright engineer in Germany you   work for BMW or Mercedes, you do not become a banker.
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