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February 11, 2016

February 11, 2016

Europe’s Banks Are Showing Cracks
 
We’ve been expressing our worry about the health of the European banking system for years.  Starting in 2012, many European banks relied on “CoCos” — contingent convertible bonds — in an attempt to shore up their balance sheets.  Now, as market fear begins to price in the conversion of those bonds into equity, European bank stocks are enduring a ferocious decline.  We continue to believe that when another financial crisis arises, it may well emanate from Europe, unless the European Central Bank takes strong measures to recapitalize European banks in a sound way.
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