European Bank CEO Admits: "The Whole Thing Is Doomed"
2013-02-21 0:00

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

Facebook completes first drone flight above UK, Mark Zuckerberg confirms
2015-03-28 3:15
Solar powered drones which provide internet access to rural and remote areas have been trialled in UK for first time by Facebook. They “have a wingspan greater than a Boeing 737 but will weigh less than a car”, according to the social network's chief Mark Zuckerberg. The drones, developed by Somerset-based company Ascenta which Facebook bought last March, will beam down laser-guided ...
300 Young English Girls (and a few Boys) Groomed and Assaulted by Oxfordshire "Gangs," Report Finds
2015-03-28 2:04
Editor's note: This story is a few days old now but the echoes of Rotherham just keeps coming. A few weeks ago there was Halifax, now Britain proudly can add Oxfordshire to their line up of diversity success stories. Below is the story from the telegraph: Serious case review finds failings by police and social services as it identifies hundreds of victims A ...
British POW describes the horror of the bombing of Dresden
2015-03-28 0:33
Partial Transcript of Interview with Victor Gregg, WW2 British solder and POW: Interviewer: "Tell us how it was that you were in Dresden at that time." Victor Gregg: "It was evil....thousands of firebombs dropping all over the place, heat, fire, people screaming, people burning, people alight. After about half an hour it started developing into something that was really bad....It was ...
Rape of 285,000 German Women at the End of WWII Trigger Damage Control by Mainstream Media
2015-03-27 20:25
Is Exposing Allied War Crimes an honorable act? No, it’s slandering heroes according to Daily Mail A recent article from the Daily Mail that pretends to look at the post WWII crimes and rapes of the Allies against the German people is actually damage control. It’s really an attempt to divert away from the true horrors that was visited upon Germany ...
Minister of Migration attacked by asylum seeker with fire extinguisher
2015-03-27 2:12
Sweden’s Minister of Justice & Migration also known as Morgan “only 1%” Johansson, has been attacked with a fire extinguisher when he visited an asylum home for future Swedes. Regional newspaper, Kristiandstadsbladet reported that a man who had been living at the home for a couple of weeks grabbed a fire extinguisher and sprayed foam all over the minister who didn’t ...
More News »