European Banks Risk Facing a 'Collapse Worse Than the 2008 Financial Crisis'

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‘In a recent report, experts of the Amsterdam-based Transnational Institute think-tank revealed that in 2008-2015, European Union member states spent €747 billion ($792 billion) on different bailout packages for banks.

Moreover, as for October 2016, some €213 billion ($226 billion) of taxpayers’ money — “equivalent to the GDP of Finland and Luxembourg” — was lost as a result of such rescue packages.

The authors of the reports also pointed out that the Big Four audit companies (EY, Deloitte, KPMG and PWC) engaged in designing the most important bailout packages were responsible for losses.’

Read more: European Banks Risk Facing a ‘Collapse Worse Than the 2008 Financial Crisis’