Official admission of Eurozone banking system insolvency

“Ackermann [CEO of DB] also warned that many European banks could go under if they had to accept the “haircut” on their sovereign debt holdings that has been proposed in some quarters.”It’s stating the obvious that many European banks would not survive having to revalue sovereign debt held on the banking book at market levels,” German DAX Crushed As Deutsche Bank CEO Offers Truth On Banks – Seeking Alpha

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