US Financial Meltdown in Weeks?
Fortis Bank predicts US Financial market meltdown within weeks… Fortis is a large bank and insurer in the Netherlands and Belgium. It took over ABN Amro last year, together with RBS and another bank.
That explains, according to Fortis, the series of interventions of last Thursday to retrieve € 8 billion. “We have been saved just in time. The situation in the US is much worse than we thought”, says Fortis chairman Maurice Lippens.
Fortis expects bankruptcies amongst 6000 American banks which have a small coverage currently - also Citigroup, General Motors. "There is starting a complete meltdown in the US.”
Fortis Bank predicts US Financial market meltdown within weeks… Fortis is a large bank and insurer in the Netherlands and Belgium. It took over ABN Amro last year, together with RBS and another bank.
That explains, according to Fortis, the series of interventions of last Thursday to retrieve € 8 billion. “We have been saved just in time. The situation in the US is much worse than we thought”, says Fortis chairman Maurice Lippens.
Fortis expects bankruptcies amongst 6000 American banks which have a small coverage currently - also Citigroup, General Motors. "There is starting a complete meltdown in the US.”
posted by Mike Campbell at 8:34 PM
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