European Bank CEO Admits: "The Whole Thing Is Doomed"
2013 02 21

By Tyler Durden | ZeroHedge.com

As the European parliament attempts to create a budget and Draghi repeats how the temporary lull in European growth is merely a prelude to a growth renaissance in the second half of the year (not to be confused with the verbatim lie rehashed by European dignitaries in 2012, 2011, 2010 and 2009), it appears a few leaks of truthiness are seeing daylight in the disunion.

In a shockingly frank interview, the CEO of Saxo Bank describes the Euro’s recent rally as illusory and that "the whole thing is doomed," as the continent is not supported by a fiscal union. As Bloomberg reports, Lars Seier Christensen says he would be a "seller of the EUR at anything near 1.40," noting that "right now we’re in one of those fake solutions where people think that the problem is contained or being addressed, which it isn’t at all." Confirming that the only thing holding the farce together is political not economic efforts, he sums the situation up perfectly: "people have been dramatically underestimating the problems."

Via Bloomberg,

Lars Seier Christensen, co-chief executive officer of Danish bank Saxo Bank A/S, said the euro’s recent rally is illusory and the shared currency is set to fail because the continent hasn’t supported it with a fiscal union.

“The whole thing is doomed,” Christensen said yesterday in an interview at the bank’s Dubai office. “Right now we’re in one of those fake solutions where people think that the problem is contained or being addressed, which it isn’t at all.”


[...]

Read the full article at: zerohedge.com



Related Articles


Latest News from our Front Page

Illegal Aliens Cleared For U.S. Military Service
2014 10 18
The Pentagon announced a new policy allowing illegal immigrants the opportunity to enlist in the armed forces, Thursday. USA Today reports that the new recruitment policies will focus on people with "high-demand skills" like foreign language acumen and health care training: "For the first time, the program — known as Military Accessions in the National Interest, or MAVNI — will ...
Bronze Age Sundial-Moondial Discovered in Russia
2014 10 16
A strange slab of rock discovered in Russia more than 20 years ago appears to be a combination sundial and moondial from the Bronze Age, a new study finds. The slab is marked with round divots arranged in a circle, and an astronomical analysis suggests that these markings coincide with heavenly events, including sunrises and moonrises. The sundial might be "evidence of ...
Humans may only survive 68 days on Mars
2014 10 15
Space enthusiasts planning a move to Mars may have to wait to relocate: conditions on the Red Planet are such that humans would likely begin dying within 68 days, a new study says. Oxygen levels would start to deplete after about two months and scientists said new technologies are required before humans can permanently settle on Mars, according to the study ...
Tom Sunic’s letter to the US Ambassador to Hungary
2014 10 14
October 11, 2014 Mr. André Goodfriend Chargé d’Affaires Embassy of the United States of America Szabadság tér 12 H-1054 Budapest Dear Mr. Goodfriend, As an American citizen I would hereby like to express my concern over the recent decision by the Hungarian government to ban the National Policy Institute (NPI) conference which had been scheduled to take place in Budapest from October 3 to October 5, 2014. ...
"Vampire grave" found in Bulgaria
2014 10 14
A "vampire grave" containing a skeleton with a stake driven through its chest has been unearthed by a man known as "Bulgaria’s Indiana Jones". Professor Nikolai Ovcharov – a crusading archaeologist who has dedicated his life to unearthing mysteries of ancient civilisations – said that he had made the discovery while excavating the ruins of Perperikon, an ancient Thracian city ...
More News »