Former hedge fund manager and former employee of Goldman Sachs, Raoul Pal warns that some of the largest banks in Europe are on the brink of a crisis reminiscent of 2008.
According to Pal, the shares of Deutsche Bank, Credit Suisse, Santander, Barclays and RBS are falling drastically and sending shock waves throughout the financial world.
Last month, the head of the European Central Bank, Mario Draghi raised expectations that could increase quantitative easing in March, printing million euros, despite the ongoing economic fears. France last month declared a state of economic crisis amid concerns about the stability of the euro area.
The regulations now require that European banks have more cash to protect against market crises, but Pal warns that the balances have not been cleaned and that negative interest rates are hitting hard at these banks. Pal he said in the news from CNBC: "I look at the big tables long-term actions of these entities and what I see is the most frightening thing I've seen in a while. Banking problems can be much larger than the slowing growth in China and the oil price "concern .
Source: http://www.express.co.uk/finance/city/641080/European-banks-heading-for-collapse-warns-expert
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