Is that Desperation Hanging Over Europe’s Banking System?

Wolf Street

wolfstreet.com / by Don Quijones • Feb 25, 2017

Turns out, Italy’s banking crisis is not fixed.

By Don Quijones, Spain Mexico, editor at WOLF STREET.

Many of Europe’s and America’s biggest banks have begun begging, cap in hand, for a new, innovative way of raising vast sums of dirt-cheap debt on Europe’s financial markets.

The Association for Financial Markets in Europe (AFMA), an organization that prides itself on serving as “the voice of Europe’s wholesale financial markets,” just sent a strongly worded letter to the European Central Bank, urging for the prompt creation of EU-wide regulation allowing banks to sell a newfangled class of bail-in-able debt called “senior non-preferred bonds.”

“A swift agreement is essential to enable banks to continue increasing their loss-absorbing cushions and improve their resolution capacity,” says the letter (translated from Spanish).

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Read more ... source: The Bitcoin Channel

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