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Santander bank chief slams EU crisis plan

18 October 2011, 15:37 CET
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(MADRID) - The chairman of major Spanish bank Santander Tuesday rejected emergency plans to make European lenders bolster their capital, saying it would worsen market panic and curb lending.

"These proposals make no sense," Emilio Botin, chairman of Santander, Europe's biggest bank by capitalisation, told a bankers' conference in Madrid.

"They create insecurity and confusion" and "increase uncertainty in the markets," he warned, adding that forcing banks to recapitalise would prompt many to cut back lending.

EU leaders at a summit on Sunday are expected to agree to force banks to recapitilise as part of a plan to end the growing debt crisis which is undermining the stability of the euro.

"Casting general doubt on the sustainability of public debt or the European financial system could send us into an unstoppable spiral of banking and sovereign crises," Botin said.

"An indiscriminate recapitalisation must not be enforced without definitively solving the public debt problem."


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EU Crisis today.........

Posted by Julius Imoimion AKHIMIEN at 18 October 2011, 23:38 CET
Immigration and Importation of mass products of China to Europe is the major course of crisis in Europe today. Between 1970 to 1997 europe was a super power in production, and their product still remain the best product in the world market till tomorrow. The perequisite for increased international competitiveness is an efficient transport system, offering rapid and easy access to markets in Europe then. And this begin to attracts immigration workers from Latin America and Africa. Intelligently, China came into world market with her first class imitation cheap goods to prove to Europe what Europe can do China can do it better, the truth remain the same IS THEIR GOOD REALLY WORTH TO ENTER EUROPE MARKET?. Finally, most Europe companies owners begin to relocate to China and other neighbouring countries for cheap labour because 1,000euros to pay a worker in europe is enough to pay 15 china workers in china.