John Rubino returns for his weekly update…
Italian Banks are in big trouble with a non-performing loan ratio at 16% with one bank hitting 33%! And they’re not alone, other banks around the world are nursing impaired balance sheets that are probably just as bad. And that probably doesn’t include their government bond portfolios which haven’t been marked down nearly enough.
If you think it’s bad now, just wait for China to start facing reality.
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