Financial analyst Ralph Silva of TowerGroup told CNBC on Wednesday (24 Dec) that he expects no less than one third of banks to fail in 2009 and that anything up to a thousand could collapse if they don’t merge.
Silva said that only five or six global banks have enough funds to survive comfortably throughout 2009.
“The rest of the banks, and that means a thousand other banks, don’t have enough money to get themselves through 2009,” added Silva.
“In 2009 we’re gonna see one third of the banks in the G8 countries disappear, either being merged, forced or not forced, or completely disappearing,” said Silva.
6 minute CNBC video interview below:
5 comments:
A truly bi-partisan initiative. A joint Clinton-Bush production. Economic ruin.
Ron Paul was the only one who could have saved America. And the Liberals and Neo-Cons hated him, and did everything to push him out of the media.
And in the end Ron Paul was proven correct. But that is no good, because his policies were never implemented.
Don't-worry,Ron-Paul-will-be-elected-after
the-Revolution,and-after-the-Congress
are-hanging-from-the-lightpoles-on-Constitution-and-Independence-Avenue.
Thanks for this post, quite helpful material.
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When will all this economic distress end.
Not good news about banks.
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