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Economy

Now, International Woes at an Austrian Bank, But Not To Worry, Draghi Will Be Here

Sorry for all those news coming from international sources. There’s one more. This time it’s an Austrian Bank, called Raiffeisen. These is how the bonds of this bank were, yesterday, from Zero Hedge.

Now, International Woes at an Austrian Bank, But Not To Worry, Draghi Will Be Here

 

The bonds fell to as low as 48 yesterday. The bank, says Bloomberg, has a large exposure to Russia, with a potential loss of 500 million Euros. It also has 4.3 billion euros worth of Swiss Franc based loans given mostly in Poland. That repayment cost just went up 20%! (So, expect defaults)

Banks don’t go down nowadays. They just get rescued after causing turmoil in the market. So yeah, let’s await the statement of superman Draghi that says Everything Must Be Rescued If It Is A Bank.

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