The world economy cracks are turning into black holes

King World News weekly – July 10, 2014

About Banks, Hungary, Portugal, Draghi, Fatca

Greyerz: “Eric, the cracks in the world and the world economy are getting greater by the day, and we are soon entering a stage where these cracks will turn into black holes. One of Portugal’s largest banks is now under real financial pressure. And in Austria, the Hypo Alpe Bank is finished. Erste Bank is also under pressure due to major losses on mortgage loans in Swiss francs to Hungary and Romania. We’ve been discussing for a while how the European banks are not reflecting their true bad debt situation, and this is not just in countries like Spain, Italy, Portugal, and Greece, but also in France…..

Click here to read the written interview

Egon von Greyerz

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